[Aunche]

> If true, its because taxpayers don’t actually care.

They do care when they're forced to pay extra taxes to cover interest. Your average voter doesn't have time to audit their city's finances. Both the unions and public officials knew that public would not agree to tax hikes, so they decided to go with unfunded pensions instead. Even though it's technically transparent, they're still abusing an information asymmetry, much like pyramid schemes.