MORE HONEST? WELL, LESS DISHONEST, ANYWAY: Another Small Win for Sanity.

The Government Accounting Standards Board passed regulations requiring state and local governments to keep more honest records of unfunded pensions. . . .

Full public disclosure of the true costs of benefits to city and state workers is an indispensable tool of public management and good governance. It’s astonishing that it’s taken this long to get something this simple done, but both politicians and union leaders don’t want public scrutiny of these deals. This transparency is only the first step, however. Getting a more accurate picture of how bad state and municipal finances is one thing, fixing those finances another. With luck, the newly available records will increase pressure for reform.

We’ll need luck to resolve this prior to a collapse.