[bufordsharkley]

The existence of Prop 13, coupled with pyramid-scheme-style approaches to financing municipal pensions, have led to disasters of financing.

One can imagine a better world in which pension programs are effectively time-independent w.r.t financing (neutral for growth or shrinking), and more financing comes from sources that are likely agnostic to growth or reduction (like Land Value Tax), but the politics here... are not trivial.