Most of the focus on pension problems has been on big corporations-get ready for the next wave.  Many state and local governments will have these same problems and American taxpayers could be forced to pay higher taxes and reduced services to fund retiree costs.  Here's a look at some of the California pension issues.

Santa Clara County needs $5 billion to cover the retirement years of its employees. It's short by almost $1 billion.

And similar red flags are popping up all over California.

San Mateo County's unfunded liability dangles past half a billion dollars. Alameda County's pension fund is short by $766 million. San Diego County, dubbed "Enron by the Sea" for its long-running pension problems and other financial scandals, is $1.4 billion in pension deficit. The price tag for the state of California? Around $40 billion.