There is a strong consensus among economists and public pension experts that many public pensions are substantially underfunded and that absent fundamental reform many state and local governments will have to resort to some mixture of tax increases, budget cuts, and/or bailouts. While many...

Public pensions in the United States face an impending funding crisis in the wake of the financial crisis and the COVID-19 recession. Many cities and states will struggle to meet these growing obligations without major cuts in government services, reneging on pension promises, or raising taxes....