Both presidential candidates have a background in state politics and policies, and their advisers surely have briefed them on the pension challenges facing state and local governments. How a re-elected President Obama or a newly elected President Romney responds to the ticking pension bomb could make or break the nation's arrangement of fiscal federalism.
In the long run, everyone would ultimately end up losers if our cherished and time-tested system of local control and local responsibility went by the wayside.
So to the candidates: "What would you do about the growing problem of unfunded government pension liabilities that threaten core government services, pensioners, and taxpayers alike?"
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