As the States Economies crumble who will pay the retirees their guaranteed pensions in the future? At issue is the Cost of Living increases and whether a State has the right to deny those increases in times of economic hardship. Right now there is a $1 Trillion dollar gap between what the States promised and what they can afford. Many people believe that the number is way too conservative and that it is more in the realm of 2 to 3 Trillion.
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