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Geneseo Republic - Geneseo, IL
Paul Krugman pooh-poohs The Great Pension Scare
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By Pat Cunningham
July 21, 2013 5:10 p.m.



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New York Times columnist Paul Krugman, a winner of the Nobel Memorial Prize in Economic Sciences, faults the Washington Post for falsely claiming that we have $3.8 trillion in unfunded state and local pension liabilities in this country.

The real figure, says Krugman, is $1 trillion.

And then he NOTES:

[I]n reality, state and local governments are making only about 80 percent of the required contributions, so there’s a shortfall of 3 percent of payroll. Total state and local payroll, in turn, is about $70 billion per month, or $850 billion per year. So, nationwide, governments are underfunding their ...

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