According to the report written by Stanford Graduate School of Business finance professor Joshua D. Rauh, while governments reported unfunded pension fund liabilities at $1.378 trillion in fiscal year 2015, when using market valuation techniques the "true" unfunded liability owed to public workers is $3.846 trillion.
"You should already know that our pension obligations are insurmountable even using the government’s numbers," Glennon wrote. "The only two ways to reduce those obligations are a state constitutional amendment deleting the pension protection clause or federal bankruptcy."
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