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Pension Mess Can't Go On: New at Reason

The pension crisis in California isn't so much a tsunami as slowly rising floodwaters. Steven Greenhut writes: President Richard Nixon's economic adviser, the late Herbert Stein, still is knon for his dictum: "If something cannot go on forever, it won't." It should be the rallying cry for California's pension reformers. The numbers don't lie, they say. Services are being cut to pay for oversized pensions, they note.
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