http://www.pewcenteronthestates.org/uploadedFiles/Pew_pensions_retiree_benefits.pdf

Pew Finds $1.26 Trillion State Retirement Shortfall, Says States Only Have $31 Billion In Assets To Pay For $635 Billion In Liabilities

SS says

And people think the Muni Bond Crisis has gone away.

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"The gap between the promises states made for employees’ retirement benefits and the money they set aside to pay for them grew to at least $1.26 trillion in fiscal year 2009, resulting in a 26 percent increase in one year."