They’re Using Bernie Madoff Math to Hide a Crisis

By Nick Giambruno

Politicians are always generous with other people’s money… until it runs out.
Near the peak of the late-’90s tech bubble, California’s legislature passed the largest pension increase in its history.

Today, with as much as $750 billion in unfunded public pension debt, California has one of the worst pension situations in the country. But it’s far from alone.

Illinois has a staggering $250 billion in unfunded pension obligations. State pension plans in Connecticut, Pennsylvania, N...