If public employee retirement systems told the truth, “Unfunded pension liabilities for most state and local governments would be about $2.2 trillion, nearly triple what they currently report.” (italics mine).
And Moody’s is considering new accounting standards to make them tell the truth. That’s so important. CalPERS and Calsters basically hide the true cost of public employee retirement.
That is the opposite of open government. It is a ticking financial time bomb placed by astute special interests. When the bomb explodes, regular citizens will suffer tax increases and huge reductions in services. All so a privileged class can keep unaffordable benefits. Drag ”em into the light, Moody’s.