The main issue is that local Gov’s can’t resist setting revenue expectations to the last best years return (they use inflation as justification most of the time).
Also the unions push for unrealistic investment return expectations then expect the Gov. to back-stop those expectations.
The math just does not work, eventually even if you took 100% of all sales etc.. eventually you would still hit the wall.
If inflation actually did or does occur, they would get closer however.
