"All over the United States, pension reforms are fast becoming the hot button issue of the day. Bloomberg reports that California debt is beating Illinois bonds by the most in three months as investors choosing between the two lowest-rated states reward efforts to bolster the finances of the nation's biggest pension.... [F]aced with soaring pension costs, and bondholders getting restless, politicians are scrambling to get the situation under control to avoid going into receivership. The problem is they're responding by enacting band-aid reforms instead of adopting a comprehensive ones which include reforming governance at public pension plans."

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