Pension Shortfall Includes State, Local Governments

Kimberly Amadeo reports that "state and municipal pensions funds face a $1 trillion unfunded liability."

Most of the headlines surrounding pension shortfalls focus on big names like General Motors, United Airlines (or Delta and Northwest). In the discussion of Social Security, few look at the larger issue of federal debt.

It's been less than 100 years since FDR's "new deal," but the aging boomer generation threatens to bust the bank, in more ways than one.

President Bush signed the fast-tracked Pension Protection Act of 2006 last summer. The IRS calls it "most sweeping pension legislation in over 30 years."

See Does America Have A Pension Crisis? Then ask your favorite Presidential candidate their plan for solvent retirement.