Coyote Blog harps on one of my favorite issues that no one else seems to notice; unfunded pension liabilities by governments. Private company owners go to jail for shenanigans that the government routinely gets away with. The New York Times uncovered the latest fraud by a government in New Jersey. These cases are the rule, not the exception, for the public sector and nothing will be done about it until it's a full blown crisis.
I have written more on unfunded/underfunded pensions here, here, here and here.
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