The great public-sector pension rip-off: Dodging the bill

The great public-sector pension rip-off: Dodging the bill

"There is a lot of debate about the right discount rate to use, but the conservative approach is to take the cost of government borrowing.
Use that rate, and the liability of American state and municipal pension schemes may be $3 trillion—three times the value of all the authorities’ existing debts.

In Britain the liability adds up to 85% of GDP."