Pension tsunami, record federal spending increase US debts by $4.2 trillion

posted by
January 1, 2012
by Hans Bader  
Posted in Commentary

"Massive budget deficits and mushrooming pension, Social Security, and Medicare obligations increased the federal government’s long-term obligations by $4.2 trillion in 2011 -- more than three times the $1.3 trillion official figure for the federal budget deficit, notes a Washington Post article. But that’s just the federal shortfall. States, too, have trillions in unfunded pension obligations, which they use funny accounting methods to conceal, resulting in states claiming to have just a small fraction of the unfunded pension liabilities they actually have." (12/31/11)  

Our Sponsors