Pension obligations have threatened public education finance for years but, under Government Accounting Standards Board rule 45, they must be noted in district financial statements. The budgetary implications are hard to accept, but the looming disaster just might be the unstoppable force reformers pray for to nudge the immovable object called public education.

Your editor began to discuss the problem in February of last year. Listen here, here and here.

The Fordham Foundation has finally caught up with a fine-grained explanation of the road to hell. Read here and here.

It's worth becoming familiar with the subject.