States are running phony budgets.
They have so many obligations and bogus accounting rules that true accounting methods being applied show bad news for retirees relying on their government pensions.
Forbes had a write up showing this. Whole article can be read here. Below is a snippet:
If pension contributions were affordable, every government would be able to make them. But they’re not. In 2013, only 41% of state and local pensions received their full contribution. Total contributions were equal to about 88% of what was required under GASB accounting rules.
