Reason: "The COVID-19 Economic Collapse Is Absolutely Wrecking State Pension Systems" - "With some investment returns likely falling as far as 15 percent, states are going to face a cumulative pension debt of between $1.5 trillion and $2 trillion by the end of the year."
As the article notes, many of these pension plans were deeply underfunded before Covid-19. Watch for Detroit as the new standard here.
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