By Matthew Dietrich, Reboot Illinois, “Bill Bergman, director of research at Truth in Accounting, writes: “Today, we may be on the cusp of "learning" more unlearned lessons. And this time, we aren't just exposed to a few autumn leaves falling to the ground, or a few twigs or limbs falling in a storm. This time, we may be looking at a rotting core - the trunk and roots of our society -- in our governments themselves. We are already starting to see a few more leaves and twigs on the ground lately -- in Detroit, Stockton, and elsewhere. But they could have a lot of company. Looking at the 50 states, Truth in Accounting's most recent analysis calculated that the state governments are facing employee retirement benefit liabilities in excess of $1 trillion - and more than 80% of them are still not included on the state governments' balance sheets. This is just at the state level; many (hundreds?) of local governments are facing similar circumstances. …”
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