Public-employee pension plans across the United States are trillions of dollars short of what they need to pay out the generous retirement benefits politicians have promised state and local government employees.

Across the United States, a large number of public employee pension funds face the serious risk of running into insolvency because politicians have promised millions of state and local bureaucrats far more generous retirement benefits than they are capable of paying. Many of these politicians are more than willing to negotiate incredibly favorable contracts...
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As they downsize and disappear, newspapers have avoided hard news on California’s pension crisis.

By nearly all fiscal measures, the state of Illinois is a basket case.