Swelling State Debt and “Pension Tidal Wave” May Engulf Economy

"The housing market and the student loan bubble are not the only financial bombs set to go off. Pension liabilities swelled drastically over the decades since they were set up, as politicians conceded greater and greater benefits to workers, and passed off the burden on taxpayers. Investing in risky stocks, and now derivatives, these pensions have become a millstone around the necks of dozens of socialized cities and states across the country – with locales like Detroit, New Jersey and California as the worst offenders."