The Pension Hole for U.S. Cities and States Is the Size of Japan’s Economy - WSJ

The Pension Hole for U.S. Cities and States Is the Size of Japan’s Economy - WSJ

The Pension Hole for U.S. Cities and States Is the Size of Japan’s Economy

Many retirement funds could face insolvency unless governments increase taxes, divert funds or persuade workers to relinquish money they are owed

By 

Sarah Krouse

July 30, 2018 1:41 p.m. ET

Link copied…

For the past century, a public pension was an ironclad promise. Whatever else happened, retired policemen and firefighters and teachers would be paid.

That is no longer the case.

Many cities and states can no longer afford the unsustainable retirement promises made to millions of public workers over many years. By one estimate ...