Anothery Canary in the Coal Mine: San Bernardino, CA

Is this the ultimate outcome of the public pension crises?  One day, when the money runs out, when the bond buyers will no longer finance the deficits, and when taxpayers refuse to pay more in taxes, do the pension payments just stop?  While the article is talking about a city (which can file for bankruptcy protection under current law) and not a state (which cannot file for bankruptcy protection under current law), perhaps Illinois politicians should redouble their efforts to reform the state pension systems, for the sake of the pension participants, bond holders (which are, interestingly enough, often pension funds themselves), and taxpayers.  Every day of delay merely makes the problem that much larger (actually, this could also be said of our own school district's deficit spending).