We’ve talked a lot about states’ budget crises on The Takeaway. Yesterday we discussed legislation that would allow states to declare bankruptcy. Many state policymakers blame their financial woes on public employees and their expensive pension plans. Utah was in the same boat ? until the state legislature enacted sweeping reforms, changing public pensions to private 401(k)s. Will this become law in other states? How will privatizing pensions affect state employees and taxpayers?

Joining us to discuss these reforms is Sen. Dan Liljenquist, State Senator from Utah. Also with us to explore the impact of these reforms is Louise Story, Wall Street and finance reporter for our partner The New York Times.