Two weekend Wall Street Journal editorials sum up well the ticking time-bomb of underfunded union pension funds. First, the dire state of many union pension funds:

On average, the asset to liability ration at so-called multi-employer plans, which union funds make up the bulk of, stood at 66% in 2006, according to the Pension Benefit Guaranty Corporation. By contrast, single employer plans, basically most company-provided pensions, were funded at 96%.

And on who will pick up the tab when these plans implode:

[T]his…

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