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Trillion-Dollar Pension Crisis Looms Large Over America
As the U.S. slowly pulls itself out of recession following the worst financial debacle in more than 70 years, another potential crisis is looming on the horizon. The country’s pension system — both public and private plans — faces trillions of dollars in unfunded liabilities and has little hope of ever being able to meet them.
Pulitzer Prize-winning journalist Paul Ingrassia and Staff Writer Imogen Rose-Smith take an in-depth look at what General Motor’s historic bankruptcy has to teach about the looming pension crisis, while pointing to alarming parallels between GM and cash-strapped California, whose pension crisis may already have arrived.
Trillion-Dollar Pension Crisis Looms Large Over America
As the U.S. slowly pulls itself out of recession following the worst financial debacle in more than 70 years, another potential crisis is looming on the horizon. The country’s pension system — both public and private plans — faces trillions of dollars in unfunded liabilities and has little hope of ever being able to meet them.
Pulitzer Prize-winning journalist Paul Ingrassia and Staff Writer Imogen Rose-Smith take an in-depth look at what General Motor’s historic bankruptcy has to teach about the looming pension crisis, while pointing to alarming parallels between GM and cash-strapped California, whose pension crisis may already have arrived.