Editorial, includes “… Not only is this uncharted territory, but the bailout plan will result in what economists refer to as ‘moral hazard.’ … By having taxpayers protect unions from the results of poor management, it discourages them from embracing reforms. …The prime reason some state and local governments need a bailout is because they are drowning in pension red ink. Money is fungible. If local governments overspend on pensions, they will run out of cash for other things. If federal taxpayers help them pay for some other expenses, they indirectly are helping them sustain their bad pension decisions.”