State and local governments are racking up huge pension obligation deficits and for many it looks like tax increases are the most likely outcome. Business Week has a very good, if scary, look at the issue this week. Understanding the depth of these retiree problems seems especially important for state and local governments because of their limited financial options. Unlike the federal government, which can always print money, and private companies, which might sell more widgets and make more profits to fund their pensions, and whose pensions are guaranteed by a government-backed insurer, local government basically has only one way of meeting those promises: your taxes. Next week Reason is releasing a major report on this issue.