In the wake of Central Falls's bankruptcy filing last Monday, lawmakers and local officials across the Ocean State have had to come to grips with the fact that the tiny city's fiscal "issues" are not unique. As you may remember, Central Falls's financial woes are primarily the result of the city's $80 million unfunded pension liability. The city was forced to file for bankruptcy after union retirees failed to agree to concessions that would have slashed pension benefits by as much as half. The filing was a wakeup call for Rhode Island, which is suffering from widespread pension crises. Combined,...