From Public Sector, Inc.:
Back in 1995, the U.S. General Accounting Office (now the Government Accountability Office) estimated state and local unfunded pension liabilities at $200 billion in fiscal year 1992 (nearly $300 billion in today’s dollars). The most recent estimate for unfunded liabilities today for these same entities comes from The States Project, a joint venture of Harvard and the University of Pennsylvania. Their report puts the number at $3.4 trillion, plus $1.2 trillion in health care promises to government workers in retirement which haven’t been funded. On top of this is the growth in state bonded debt.
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