Detroit has been catching it from all sides, but it is hardly alone, though bankrupt.
The Economist has put it clearly: “The truth is that America’s whole public sector still operates in a financial never-never land … Barack Obama is on his way to joining George W. Bush as a president who did nothing about that … America’s dynamic private sector is carrying on its back an unreformed leviathan. Detroit is merely a symptom of that.”
Unfunded pensions may not be as bad in our state as in some others. But they are there.