When the Checks Stop Coming...

Regarding our iminent public pension crisis I have noted that nothing will happen until the checks, literally, stop coming in the mail. In this story, in a small Alabama town, they have, illustrating the common sense financial perceptiveness that sometimes (OK, all the time) eludes our elites (save for NJ Gov. Chris Christie) that "when you're broke, you're broke." I am sure Prichard isn't a big bond issuer so they likely hit the wall that much sooner without the last ditch resort of the bond market. But someday that last resort will not be open to many of our municipalities and states, and that is when we could be talking about a hundred Prichards, but with names like Philadelphia, Los Angeles, Chicago, etc.

UPDATE: There is actually more here going on than meets the eye. Wow. I'm not surprised. Many wise people always warned me that if the shoe was on the other foot...