California At The Breaking Point

IBD reports:

A new Stanford study says California's public-employee retirement funds are $500 billion in the hole. It's news that unions and their candidate, Jerry Brown, don't want to hear.

The government union money machine has had a good run. But increasingly there are signs that it is heading for a crackup with the taxpaying public. Such an event may occur as early as this November in California, where the machine has had probably its greatest success and has done the most fiscal damage.