Public Pensions Face $2 Trillion Deficit

Even in a world of massive deficits and rising national debt, not many problems come in packages that are in the trillions of dollars. The deficit facing U.S. public pension funds will grow to $2 trillion, according to an interview that the chairman of New Jersey's pension fund, Orin Kramer, gave to the FT. "Estimates of aggregate funding requirement of the US pension system have ranged between $400bn and $500 bn, but Mr Kramer's analysis concluded that public funds would need to find more than $2,000bn to meet future pension obligations."