Full Disclosure
Mar. 1, 2011
A Thousand Cuts
Public pensions face trillions of dollars in unfunded liability. Something has to give.
That isn't blood splashed across the ledgers of state and local governments--it's red ink. Every day, published accounts of immense unfunded pension liability add to a national hysteria about debt obligations.
Recent studies of the crisis appear truly frightening. In
February 2010 the Pew Center on the States reported that, in the next 30 years, state governments would be on the hook for $3.35 trillion for pensions. Two months later the Stanford Institute for Economic Polic...
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