California recognizes the pension threat

The San Francisco Chronicle (!) says maybe we should reform public pensions: "California’s golden pension rights need fixing."

Between the lines, [Governor Jerry] Brown is offering a different thought: You can’t promise money that isn’t there. The California’s public pension pool is tens of billions short of being fully funded, with cities feeling the same pinch. Pension promises made with the best intentions or from political loyalty may prove impossible to deliver.

This is a compliant I've made constantly about Social Security in that it has overpromised benefits it cannot possibly pay and obscuring that fact will lead to a cruel conclusion for retirees.