MARY WILLIAMS WALSH and AMY SCHOENFELD discuss public sector pensions in the NYT. See HERE for more:
In fact, the cost of public pensions has been systemically underestimated nationwide for more than two decades, say some analysts. By these estimates, state and local officials have promised $5 trillion worth of benefits while thinking they were committing taxpayers to roughly half that amount.
As they say, a trillion here, a trillion there, and pretty soon, we're talking about real money. Sigh.
Bonus: "Christmas is a time when kids tell Santa what they want and adults pay for it. Deficits are when adults tell the government what they want and their kids pay for it." -- Richard Lamm