"[I]f the city can't pay CalPERS, the fund's attorneys argue, the pension fund can use state police powers to collect its money through asset or property seizure.... Credit rating agencies report that states and local governments nationwide have more than $2 trillion in unfunded pension liabilities. In Nevada, depending on how you measure risk, that figure is between $10 billion and $40 billion. Elected officials everywhere, at every level, have promised far more in employee retirement benefits than taxpayers can afford. And those funds -- and their unionized beneficiaries -- want these promises kept at all cost."

MORE >>