Pension Promises Nobody Can Keep — The $4 Trillion Debt Bomb Buried in Your State Budget
America's state and local governments are sitting atop a mountain of unfunded pension obligations estimated at more than $4 trillion — a liability that grows larger every year politicians choose denial over discipline. The working families paying state and local taxes today are being handed a bill for retirement promises made decades ago, promises that were never honestly funded and that no one in elected office has shown the courage to honestly confront.