OPINION: Big pension gap won’t vanish soon

Recently released data from State Controller John Chiang has revealed sharp increases in state pension debts in the last decade, writes Sacramento Bee columnist Dan Walters.  “Unfunded liabilities,” or pension debts that government officials do not yet know how they will pay for, have increased from $6.3 billion in 2003 to $198.2 billion in 2013.  Walters says this large debt burden is a result of increased benefits, decreased government employee contributions and speculative investments.

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