Pension obligation bonds are a poor fix for pension debts

Let’s say a family has overstretched its budget and is having trouble paying the mortgage, credit-card bills and other expenses. What if it takes out a consolidation loan to help meet ongoing expenses? It’s better than going belly up, of course, but the family avoids the real solution of fixing its overspending.
That’s similar to what an increasing number of California municipalities are doing. They are facing soaring bills to the California Public Employees’ Retirement S