Indianapolis, Indiana, home to the Indianapolis 500, this year played host to the Super Bowl. With a population of close to 840,000, it is the 12th largest city in the U.S. Indianapolis is presently searching its budget deficit to find money to pay for its electricity bill for March. Just two months into 2012, Indianapolis faces a budget deficit of $75.0 million! Around $15.0 million of that budget deficit is being blamed on public safety, and the police stations are incensed that they may have to lay off people, because they say they will have a hard time managing jailed criminals. The biggest problem concerning Indianapolis’ budget deficit is the hole in its pension fund, to meet all of the payments for retirees. This budget deficit issue is being brought to the state level. Speaking of states, Pennsylvania is enacting budget cuts to meet its budget deficit. These deficits are spreading like cancer throughout many of the municipalities and states in the U.S. I’ve been documenting, dear reader, how new employee pension plans in many distressed municipalities are being severely slashed in order to meet budget deficits. These same municipalities are raising taxes, and cutting benefits for current retirees and those employees already in the system, while advising the latter that their retirement plans will have to be changed, because the age they are eligible for retirement is now going up due to budget cuts. Pennsylvania has attempted to enact all of the above except, until this point, raising the retirement age for current employees. With the retiree-to-employee ratio at a staggering 6-to-1, other budget cuts will have to be implemented, because the state faces a pension budget deficit that is just massive in the next few years. A public pension bubble in the State of California is going to burst in the very near future. The California State Teachers’ Retirement System estimates its budget deficit to be in the vicinity of $42.6 billion. It says it would have to earn 20% a year for each of the next five years to make up the shortfall. I have a better chance of being on the next space shuttle to the moon than that does of occurring. Those municipalities within California that are attempting to pass higher taxes onto citizens are facing an expected backlash, especially during these difficult economic times. As for new employees entering the California system, they can forget full pensions from the state and retiring early. Los Angeles, where pension costs are expected to consume 19% of the budget, is attempting to scale back pensions for police officers and firefighters through budget cuts, as it attempts to meet its budget deficit. Naturally, there …