"Truth in Accounting, a Chicago-based fiscal government watchdog, recently released its annual Financial State of the States report examining each state’s finances. The figures aren’t pretty. The numbers of this study are always more eye-popping than what you’ll find on government balance sheets because TIA includes the often billions of dollars in promised future retirement benefits to public-sector workers. “Elected officials gain political favor by promising these benefits. But they do not put money aside to pay them,” the report states. “Future taxpayers will be burdened with paying these costs, but they will not receive any services from those retired employees.” ..."

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