We should have the government do more because governments are so much more honest and trustworthy than private business

From NRO:

The New York Times has an interesting piece this morning about proposed pension-disclosure rules for states and cities:

Government officials have granted pensions to teachers, police, judges, and other public workers for years without reflecting the true cost, analysts say. Now the bills are coming due, and in many cases there is not enough money set aside, adding to the fiscal distress across the country.

Corporations are required to measure their pension obligations at fair value when they report their numbers to the Securities and Exchange Commission. But not state and local governments. That’s because they have no desire to be transparent about how in the red their pension systems are.