by Cassie B., Natural News:
Pension systems throughout the U.S. are falling deeper into what experts term “pension debt paralysis,” even in the face of record-setting contributions from state and local governments.
The city of Milwaukee was recently given a grade of D by Truth in Accounting for its financial position due to its pension system’s huge net liability of $2.1 billion. A report by the Legislative Audit Bureau on Milwaukee’s finances revealed that they understated their net pension liability by $851 million.