Monday, November 22, 2010

Retirement shortfalls measured in trillions

Retirement shortfalls measured in trillions pew, state, california - Opinion - The Orange County Register
"Despite recent attempts to mitigate the crisis, the unfunded debt for public retirement benefits poses a massive and growing problem in California and throughout the nation.
A study by the Pew Center on the States captures the gravity of the issue in its title: 'The Trillion Dollar Gap.'

Rising costs of promised public-sector employee pension and retiree health benefits in 50 states now are more than $1 trillion in the red, Pew calculated.

Other studies estimate even greater deficits, including a Free Enterprise Nation study this year that put the combined state and local government unfunded liability at $3.5 trillion."

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