Public Pensions Mismanaged Long Before Crisis

It took years to dig this hole

Huge gaping holes in public pension funding didn't arise from the abyss of the recent economic crisis, but instead have been growing larger and larger over time and threaten the budgetary health of every city in the Sunshine State.

That was the message of Florida State University's Leroy Collins Institute on Wednesday, as it unveiled its latest take on the toxic economic state of public-sector pensions in Florida's cities and towns.