Pensions. Be Afraid.

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From San Jose to Detroit, from Illinois to Rhode Island, cities and states across the country are grappling with how to pay for pensions and retiree health care costs. In New Jersey, Governor Chris Christie is proposing a $34.4 billion budget that includes more than $2 billion in pension payments, the largest outlay yet to shore up a retirement plan for public workers that the governor calls a "looming crisis." Joe Nocera of the New York Times and Rana Foroohar of Time magazine discuss why cities and states are facing pension crises and what they can do to solve the problem. And bitcoin: Entering a new phase or on the verge of collapse.