My money's on Illinois. But it'll be close.
More: Jeffrey Dorfman, "Public Pensions Are Still Marching To Their Death".
If Detroit makes other cities and states face reality and adjust their pension plans to economic reality rather than political agendas, at least Detroit’s poor employees and retired workers will have done something positive for millions of other public sector employees out there. In the meantime, public sector employees and their union leaders need to make a hard choice: settle for realistic, smaller pensions that they are sure to collect or gamble on larger pensions that can only be paid for with well-above average future investment returns or by huge tax increases. Bigger pensions only look attractive until you factor in the risk of collecting nothing.
Taxpayers and local governments are on the hook to pay nearly $800 million stemming from "legal" pension spiking over the next two decades, the state controller said Tuesday.
But please remember, pension "spiking" is just "another name for the things we do together".