Quote without comment:
“Moody’s Investment Service, dissatisfied with the way states measure what they owe their retirees, released its own numbers . . . showing that the 50 states have, in aggregate, just 48 cents for every dollar in pensions they have promised.”
“That is much less than the 74 cents on the dollar that the states now report, suggesting that the states are short by about $380 billion, with many local governments, like school districts, being on the hook for additional billions that they have not disclosed at all.” Mary Williams Walsh, Rating Service Finds Pension Shortfall, N.Y. Times, June 28, 2013, at p. B1.