Friday, October 14, 2011

It Keeps Getting Worse.

A year or so ago, Joshua Rauh of the Kellogg School of Management ran the numbers on unfunded state and local government pension liabilities. The final number was $3.1 trillion. $3.1 trillion short, if one need edit.

Mr. Rauh has updated his calculations. The new unfunded pension liability number is $4.4 trillion.