Public pensions just keep falling further and further behind. In fact, they have fallen so far they never can get up again. The local and state pension crisis got at least $300 billion worse in the first quarter of this year compared to 2011, according to analysis of latest data released by the U.S. Census Bureau. That added at least $1.5 trillion to the shortfall — calculated at $800 billion to more than $4 trillion as of 2010 — future taxpayers must make up on top of all other taxes and rate hikes.
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