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By William Sullivan
January 6, 2011
Unfunded state and city pension liability has been isolated by many analysts as the next big crisis on the horizon. But it looms in relative silence, largely because Americans simply do not want to talk about it.
Let's be honest; it's not exactly dinner table conversation. Many Americans have family and friends that work in public jobs and many of them expect a considerable pension that could be compromised if the system is altered. So the issue is far too personal for public pensioners to embrace any logic that could suggest the system is flawed, while non-pensioners usually want to avoid friction about a sensitive subject.
But despite our reluctance to talk about it, there is absolutely no question that lavish public pensions are a crippling problem for our country.