We wrote about New York's pension predicament; next up is California. State Controller John Chiang just announced that the state has a $48 billion underfunded pension liability. That's $48 billion extra that California needs (and doesn't have given its $42 billion budget deficit) in order to pay retired state employees' health and dental benefits. Unless the state provides additional funding, the $48 billion underfunding will grow to $71 billion by 2017-18. It is safe to estimate that combining all state pension deficits and projected pension funding requirements, the number would likely approach another trillion.
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