They’ll just hide the interest rate in capital appreciation bonds. And places like CalPERs will still buy them.

Frankly, I hope they stick it to the bondholders.

If they don’t, I hope they stick it to the employees.

The worst thing IMHO will be if they don’t stick it to anybody and they keep kicking the can down the road. The best thing for everyone is if it’s really clear who’s holding the bag when the music stops.

Trying to make it so everybody gets cut a little bit is the worst case scenario as it encourages everybody to keep going and just pump up for a bigger pay day so they’re still whole when they get the little cut.

I’d love to see them keep the employees whole so we can watch cities die as they get stripped of services to fund the retirement gaps.

Or survive. Either way, die cause too much funding is going to cronyism and retirement and the tax base abandons it, or keep it whole and survive, but we need some high profile examples.