Imagine for a moment that two premises are beyond serious debate: (1) That there will be another financial crisis within the next five years that will equal or exceed the severity of the one experienced in 2009, and (2) That the political power of public safety unions will prevent local governments from enacting pension reforms...

“Critics of public employee retirement benefits are engaging in hyperbole and pointing to potholes as evidence that millions of elderly Californians should be stripped of their retirement savings.” Brian Rice, president, Sacramento Area Fire Fighters, Sacramento Bee, June 2, 2015 Notwithstanding the possibility that saying pension reformers want to see “millions of elderly Californians stripped of their...