The rolling bankruptcies in public pension land continue unabated. Next up is the city of Dallas in the thriving state of Texas. You don't have to have a sick economy to create a bankrupt pension fund. Dallas is not Detroit, but the endgame will be the same as regards the cities' pension funds.
The story is laid out in some detail in today's NYTimes (buried amongst a phalanx of front page articles labeling anyone who disagrees with NY Times editorial policy as a racist, a bigot, a nazi or a white supremacist).
Notice that there were no prior signals indicating serious trouble. There never is. The trustees and administrators of these funds paper over problems and hide the truth from the public. Dallas is no different than almost every other public pension fund in America. It is difficult to think of a single exception.
So who loses. Essentially everyone. Those expecting a pension will have a rude awakening. Taxpayers will receive the bitter pill of increasing taxes. The only winners are the trustees, administrators and all the folks who have milked these systems and continue to milk these systems. Wall Street wins. The bureaucrats win. The public and the employees lose.