The World Health Organization (WHO) declared on June 11 that it has classified the rapidly spreading H1N1 swine flu virus as a pandemic event, the highest level of intensity on its six point scale of severity. WHO applies that classification only when a dangerous pathogen appears on a significant scale in numerous countries and at least two major world regions. As of mid-June, almost 30,000 cases of H1N1 infections and 144 related deaths have been confirmed in 74 countries around the world.

Since August 2007 official estimates of current federal budget deficits have soared from about $100 billion to well over $1 trillion. By one reckoning, about 46 cents of every dollar of federal spending this year will be financed by borrowed money—not tax revenue.

Taxpayers are already bailing out auto companies and banks and, before this recession is over, they’ll be bailing out public pension plans. These plans are losing money by the millions and billions—a $1 trillion loss combined—but that doesn’t mean retired government employees will see their pensions shrink.