{"id":161,"date":"2010-05-19T11:45:57","date_gmt":"2010-05-19T15:45:57","guid":{"rendered":"http:\/\/www.multiplier-effect.org\/?p=161"},"modified":"2010-05-24T14:08:57","modified_gmt":"2010-05-24T18:08:57","slug":"promises-promises","status":"publish","type":"post","link":"https:\/\/blogs.bard.edu\/multiplier-effect\/promises-promises\/","title":{"rendered":"Promises, promises"},"content":{"rendered":"<p>An earlier Levy post outlined <a href=\"http:\/\/www.multiplier-effect.org\/?p=146\">America&#8217;s multi-dimensional pension crisis.<\/a> Now comes <a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1596679\">this paper<\/a> from economist Joshua Rauh, who says that at least seven states may be unable to pay their public-pension obligations during the next decade&#8211;and by 2030 that number could reach 31 states.<\/p>\n<p>Barring reforms, Rauh says, a federal bailout could be needed, possibly exceeding $1 trillion. In the paper, he gives a sense of the magnitude of the problem: &#8220;The gap between assets and already-promised liabilities in state pension funds alone was over $3 trillion at the end of 2008.&#8221;<\/p>\n<p>What is to be done? Part of the answer, Rauh writes, is that states might give public employees defined contribution plans&#8211;and bring into the Social Security system the quarter of state and local workers now outside of it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An earlier Levy post outlined America&#8217;s multi-dimensional pension crisis. Now comes this paper from economist Joshua Rauh, who says that at least seven states may be unable to pay their public-pension obligations during the next decade&#8211;and by 2030 that number could reach 31 states. Barring reforms, Rauh says, a federal bailout could be needed, possibly [&hellip;]<\/p>\n","protected":false},"author":212,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,3],"tags":[26],"class_list":["post-161","post","type-post","status-publish","format-standard","hentry","category-economic-policy","category-employment","tag-pensions"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/users\/212"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/comments?post=161"}],"version-history":[{"count":6,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/161\/revisions"}],"predecessor-version":[{"id":181,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/161\/revisions\/181"}],"wp:attachment":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/media?parent=161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/categories?post=161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/tags?post=161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}