3min chapter

Very Serious with Josh Barro cover image

David Schleicher on the Fiscal Whipsaw in State Governments

Very Serious with Josh Barro

CHAPTER

The Problem With State Bonds

In Illinois, New Jersey and Kentucky, there are a few states that have been especially bad offenders on this. States generally have constitutional limits on how much they can borrow. But not saving for your pensions doesn't count towards your debt limits. This creates a big incentive for governments to underfund the pension system.

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