“…'The general fund’s income statement includes only the amount of money elected officials chose to pay into their government’s pension plan. It doesn’t show all of the pension benefits earned and the respective liability that has been incurred,' Weinberg writes. 'This shortsighted method used to budget and report governmental funds makes it possible for officials to claim the budget is balanced while continuing to rack up enormous unfunded obligations and deficit spending.' …”
Read the full article on: The American Spectator