CALIFORNIA’S public employee pension problem. This won’t be news to regular InstaPundit readers. Plus, from the comments: “It seems pretty straightforward to me: what can’t go on will stop. The only question is how messy the stopping will be.”

UPDATE: Reader Carl Stritter writes: “The answer is simple, California should tax all state pensions at 100% of the amount greater than what SS would be. Hey when the taxpayers bail out bankers we need to get every penny back , so when the taxpayers pay pensions that none of them can even dream of we should get every penny back.”