Monday, August 9, 2010

The bill is now coming due

More on New York's pension problems, coming to areas near you.
In plans across the country, during booming years of the late 1990s, many workers were promised retirement payouts that were "too good to be true" and, thus, impossible to make good on.
The miscalculation is massive. Technically estimated at $452 billion as a result of flawed accounting, the real unfunded pension obligation in state pension plans is closer to $3 trillion.
h/t Instapundit.

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