This AP story calls attention to the problem of funding public pensions. Interestingly, the article says that until 2001, many public pensions were 100% funded, but after the stock market tanked, they began to falter, so that now the average funding level is 87.8%.
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Kmareka.com 
One aspect of the whole public pension/property tax/school tax/how much to pay teachers issue that is generally overlooked is the fact that median wages have decreased in the years since GWB took office. This is very important because this means that any increase in taxes, whether it’s to fund public pensions, or to give teachers a raise basically becomes a net loss from most people’s pocketbooks. If my wages are growing at a rate that is higher than inflation, then I can “afford” a tax increase more readily than if my wages are stagnant. In the latter situation, it becomes a zero-sum game: someone has to lose.
This is critical. A lot of Republicans (our mayor here in Cranston, RI comes especially to mind) want us to believe that it is the greed of public employees that is bankrupting the city. Well, he’s right, but he misses the point. The real root of the problem is that corporate America has succeeded in holding wages down even as their profits soar. If the wealth was shared more equitably, then there would be more money for everyone, including public pensions and teacher salaries. However, since the wealth is being, effectively, hoarded, and is not “trickling down,” everyone loses except for the very fortunate few at the very top of the pyramid. They are doing very well these days.