Fareed Zakaria Is Really Mad About Public Pensions!

We would probably all be mad if we were as confused as Mr. Zakaria. Fortunately, the problem is with his arithmetic, not with the public pensions.

Zakaria seems to have convinced himself that public pension obligations are going to turn state and local governments into future Greeces, but that is not what the numbers show. His column contains one inaccuracy after another.

For example, he tells readers:

"The numbers are staggering. In California, total pension liabilities--the money the state...