“Dallas has the fastest-growing economy of America’s 13 largest cities but in spite of its glistening commercial towers it represents the skull beneath the skin of American prosperity. According to its mayor, the city is “walking into the fan blades” of pension promises: The fund for retired police and firefighters is $5 billion underfunded. ..
Last September, in the seventh year of the recovery from the Great Recession, the vice chair of the agency in charge of Oregon’s government workers’ pension system wept when speaking about the state’s unfunded pension promises passing $22 billion….
The Manhattan Institute’s Josh B. McGee reports that teachers’ pension plans, which cover more people than all other state and local plans combined, have at least a $500 billion problem. …”