Last week Conor Frieserdorf linked to this Reason piece on California’s pension crisis and that state’s looming budget crisis.

Now, I’ve done a lot of thinking about this over the past couple of weeks – especially after Freddie deBoer’s post, and this post from Kevin Drum (and this one, too) – and it occurs to me that perhaps I haven’t been tackling this question properly, that I haven’t been looking at a broad enough picture of events. That I haven’t taken history into account.

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