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"[I]t's no secret that nation's public pension funds are in big trouble, holding large 'unfunded' liabilities owed to public workers once they retire. But most politicians (New Jersey Gov. Chris Christie is an exception) will tell you the problem is fairly containable, that there are simple fixes -- such as raising taxes on the rich or pruning benefits. Not so, warns a 'strictly confidential' report JP Morgan issued last year."
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