"Optimistic scenario: it's $1 trillion in unfunded liabilities," says Adrian Moore, vice president of policy at Reason Foundation about public-sector pensions at the state, county, and local levels. "More realistic scenario: You're looking at $2 trillion to $4 trillion in unfunded liabilities. That's a huge debt."
Over the past dozen or so years, Moore tells Reason TV's Nick Gillespie, state and local governments have allowed their payrolls be taken over by pension obligations. Rising pension costs have been a key factor in municipal bankruptcies across the country.
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