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Jan 18, 2013 8:20 AM
Joshua Rauh on Public Pensions
Joshua Rauh, Professor of Finance at Stanford University's Graduate School of Business and a senior fellow at Stanford University's Hoover Institution, talks with EconTalk host Russ Roberts about the unfunded liabilities from state employee pensions. The publicly stated shortfall in revenue relative to promised pensions is about $1 trillion. Rauh estimates the number to be over $4 trillion. Rauh explains why that number is more realistic, how the problem grew in recent years, and how the fiscal situation...