State Pension Shortfalls

Publication: Bloomberg News

02/18/2010 - [Transcript] Let's get back to the story of the state of the states and the one trillion dollar gap between what they have on hand to pay for retiree benefits and what they owe.

Joining us now is Susan Urahn, the managing director of the Pew Center on the States, which released today its report on this budget gap. And Susan, we're talking about a trillion dollars here. The first thing I wonder is, is this centered in certain states? You think about California and the problems there or New York and the problems here. Are there certain states that bear the main brunt of this deficit?

Susan Urahn: The problems are fairly widespread. Our report found that there were 19 states for which we had serious concerns and another 15 that really needed to make some improvement in this area. But, by in large, that trillion dollar gap indicates we have a fairly significant national problem.

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