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The Pension Hole for U.S. Cities and States Is the Size of Japan's Economy
The Wall Street Journal; subscription may be required 
July 31, 2018
"State and local pensions lost roughly $35 billion in assets between 2008 and 2009, according to Pew. Liabilities, meanwhile, ballooned by more than $100 billion a year, widening the difference between the amount owed to retirees and assets on hand. Not even a nine-year bull market in stocks could close that gap." [Editor's note: the article attracted 980 comments on the Wall Street Journal site in less than 24 hours.]
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