"The rage of public sector unions is understandable. And this debate is going to be bitter, because unlike with regular firms, there's no clear point at which you can say, 'Yes, that's it, we all agree they're insolvent.' While a private firm cannot (thank God) simply take more money from their customers, in theory, governments can generally raise taxes and cut other spending to pay pensions.... [H]ow much should cities have to cut, once the tax base is exhausted? Senior centers? Parades? Maintenance at city parks? We'd better start asking those questions, because pretty soon, we're going to need to answer them."  MORE >>