Credibility might be reestablished by changing pension to a 401(k) plan, or let state employees fund their own retirement with contributions to an IRA like the rest of us.  This won't help current debt but would give taxpayers hope for the future and even the playing field.   Government is the main employer that gives a pension.   Private sector left that sinking boat a long time ago.  The pension was a 1940s concept that tried to encourage workers to work for the government with a promise that lower salaries would bloom into pension income for the rest of their lives once they retired.   Now it is the first place to look for work for current salary and benefits and a guaranteed retirement too.