There are 22 days left until the fiscal cliff. Unfortunately, the national taxmageddon isn’t the only one we have to worry about in Massachusetts.

You have probably heard by now that the state has a $500 million budget shortfall. The gap has just spontaneously occurred since the election–not really. Of course, Gov. Patrick is blaming the revenue plunge on the fiscal cliff debate in Washington. It couldn’t possibly be Deval’s fault for spending the past year more focused on getting President Obama re-elected than on doing his own job. Nor is it the shortcomings of Patrick’s anti-business policies, which have resulted in unemployment increasing over the past four months,

Not to worry. Our governor has the perfect fix. While retroactively giving tuition breaks to illegal immigrants, he is cutting local aid. So glad I voted for Charlie Baker.

This year’s budget deficiency is just the tip of the iceberg in fiscal problems looming ahead for the commonwealth’s taxpayers. No one in Bacon Hill is acknowledging how close we are to falling over the fiscal edge.

Massachusetts has more debt per person per capita than California.

Boston Business Journal reports our state’s pension fund of $50 billion has unfunded liabilities that have doubled during the past five years for a grand total of $24 billion.

The state’s annual budget is $32 billion, so our pension liability is 75 percent of what the state spends yearly. That’s just for the pensions!

Taxpayers are also on the hook for retiree health insurance liability, an estimated $17 billion.

Shouldn’t State Treasurer Steve Grossman be ringing the warning bell? In September, he he said “there was no need to panic.” Really? Even if the Pension Reserve Investment Management continues to collect at a rate of 8 percent on investment returns, we will still have a huge shortfall in covering benefits for $500,000 retirees.

The required rate of return was dropped form 8.25 percent to 8 percent, which means taxpayers have to cover more of the pension costs. Last year $14 billion was appropriated for pensions.

So what great proposal were PRIM directors discussing last week? Answer: restructuring staff bonuses.

They want to substantially increases bonus payouts foe investment professionals while cutting back on bonuses for lower-tiered staff. It is supposed to save money.

Where’s Lizzy Warren screaming about bonus schemes?

The commonwealth cannot afford to kick these unfunded liabilities down the road until they become a MBTA-like crisis. bacon Hill leaders need to curb spending to prepare for these bills coming due.