By Andrew Biggs, includes “… in a recent study … NCPERS cites federal government data to argue that public sector pensions remain easily financially sustainable by state and local governments. In fact, though, those same federal data show that public pension debt is rising significantly faster than the growth rate of the economy … Worse, state and local government pensions are failing even to fully fund the new benefits earned by employees each year, much less rebuilding their troubled finances. All of this points to difficult decisions ahead …”
Read the full article on: Forbes