States And Municipalities Owe More On Unfunded Public Employee Pension And Health Benefits Than Total Bond Debt

From The Daily Ticker, "U.S. Pension Crisis: States Choose Bondholders Over Public Employees" by Josh Barro:

Measured on a market value basis, these unfunded liabilities (combined with those for retirees' health care) exceed $4 trillion, which is more than the total amount of bond debt outstanding from states and localities. And because of the way pension accounting works, most states and local governments can expect to see continued sharp rises in required payments into pension funds at least through 2014. While most parts of states' fiscal pictures are improving, this one continues to deteriorate.

The Daily Ticker's Dan Gross interviewed Josh about the growing public pension crisis in the U.S.