States Warned of $2 Trillion Pensions Shortfall

States Warned of $2 Trillion Pensions Shortfall - CNBC
"The severe US economic recession has cast a spotlight on years of fiscal mismanagement, including chronic underfunding of retirement promises.
“States face cost pressure, most prominently from retirement benefits and Medicaid [the health programme for the poor],” Orin Kramer told the Financial Times.
“One consequence is that asset sales and privatisation will pick up.
The very unfortunate consequence is that various safety nets for the most vulnerable citizens will be cut back.”"

Those who voted to spend us into local bankruptcy will be correctly blamed.
Those who trusted our local leaders to protect them will be betrayed.