"[T]he magnitude of the pension crisis is so large in some states that instead of implementing meaningful reforms, including reforms on governance to bolster defined-benefit plans, they're looking for more federal bailouts. As states, cities, municipalities and private companies go over the pension cliff, it will place enormous pressure on budgets, reallocating resources away from public services.... [But] all this talk of pension crisis and debt crisis is way overdone. The real crisis remains a jobs crisis. Developed economies are simply not creating enough good paying jobs with benefits."

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