From Market Oracle
By John Mauldin
''In 2003, I was writing about the unfunded liabilities of state and
local pensions. It was part of Bull’s Eye Investing, which came out in
2004. I caught some flak for being so pessimistic about the potential
problems. Quoting:
Unless steps are taken soon, it is possible we can see shortfalls
approaching $1 trillion–$2 trillion in state-sponsored pension funds
within 10 years. A deficit of this size on the state level can truly
be called a crisis. A tax increase or other adjustments to fund this
will be a large drag on the economy.''
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