Here's a pretty good rundown from Reason columnist Veronique de Rugy on what's going on. Key point: That state and local pension funds are underestimating their liabilities, and that some funds could run out money within the next few years. Much of the concern centers on an 8 percent return that many pension funds are assuming - a return that many economists believe is unrealistic.
More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAXSocal housing market going nowhere fast
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Another rugged quarter for Tribune Co. papers
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Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
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