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Unions And Pensions: Unfunded Culpability

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Before the stock crash, Pew was reporting that state pensions were $731 billion short. Now the figure is $1.26 trillion. So at most you can blame the stock market crash for about $500 billion of the deficit. FYI, I suspect that whether or not a state's employees participate in Social Security is more determinative of whether the pension is underfunded (no participation in SS = pressure to ratchet up benefits).

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