The 22.5-million-strong public sector (that includes retirees) is growing ever larger, and enjoying ever greater wages and benefits often guaranteed by state constitutions.

FORBES: Reminder: Wisconsin's Problems Are Your Problems, Too

Mr. Rebell said his intention is to persuade lawmakers in Albany to reevaluate whether the state is providing every student with the opportunity for the "sound basic education" that courts said is guaranteed by the state constitution.

WSJ: School Spending Under Microscope

Any shortfall will be guaranteed by the state, in return for a fee levied on the banks.

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