The 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES) awarded $200 billion in federal aid to the states to support spending for core areas including general relief, education, and mass transit. As revenue pressures mount in the coming months Congress may provide further aid to...

This paper first describes how public employee pensions currently measure their financial health; then describes the strong consensus from economists that current accounting rules significantly understate pension liabilities and overstate pension funding levels; and finally, describes how...