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Government pensions crush taxpayers in rising public costs
Government pensions owed to workers at all levels drive future tax hikes as unfunded liabilities loom. Estimates show federal, state, and local retirement payouts exceed 46 billion by mid decade, with Chicago and Massachusetts highlighted for large unfunded debts. Reform talks surge while many governments face ballooning obligations and potential rate hikes.
MENTIONED IN THIS ARTICLE
Economic Unit
U.S. News & World Report
Tax Foundation
Les Aspin
Dem
Wisconsin
Coopers & Lybrand
University of Michigan Graduate School of Business
Chicago
Massachusetts
Massachusetts Treasury
New York City
Baltimore
Congress
Connecticut Public Expenditure Council
California
ERISA
Dan M. McGill
University of Pennsylvania
Illinois
Federal Government
Federal Civil Service Retirement System
U.S
Military
Federal Reserve
The
Foreign Service
Coast Guard
U.S. Treasury
Board of Actuaries of the
Federal Retirement System
Ccal
Department of Defense