But wait, $2 Billion is nothing compared to $4 Trillion of Public Pension Funds:
The accounting rules used by most state and local governments allow public officials to significantly understate the true costs to fully fund their public pension funds, the report said. This so called unfunded liability “is roughly five times larger than the amount reported on public balance sheets,” according to the report obtained by the FOX Business Network.What's a Trillion here or a Trillion there when you live in Obama (Soetoro) Times.
Under the accounting rules used by most states and municipalities, less than $1 trillion in unfunded liabilities exist. But the real number, the report stated, is closer to $3.9 trillion because governments are not “setting aside sufficient assets to prefund these benefits.”
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