by Richard C. Dreyfuss
February 04, 2013
Even as the federal government struggles to stabilize its finances, many states are facing their own daunting sets of fiscal deficits. These take the form of unfunded liabilities totaling almost $1.4 trillion and stemming from obligations to pay for public employees’ pensions, retiree medical insurance, and other retirement benefits. Reform efforts ostensibly being made to solve this crisis have fallen short.