There is a ticking time bomb out there that is ready to explode in the faces of taxpayers. It is the problem of underfunded, overly generous public pensions that are in such bad shape, officials have gone to extraordinary lengths to hide the bad news from taxpayers.A few weeks ago in my American Issues Project article on this issue, I highlighted some of the problems:In truth, the "Time Bomb" of underfunded, overly generous public pensions, which many observers have been predicting for years, appears ready to blow up in our faces. Recent losses in the stock market have devastated these funds to the tune of $2 trillion, monies for which we taxpayers are still responsible. And considering that more than half of these plans were underfunded to begin with, we are faced with a potential tsunami of pension fund failures that, by law, taxpayers will be forced to make right. And as Andrew Biggs of the Wall Street Journal reports, some fund managers have taken to "cooking...(Read Full Post)