It may feel like you’re spending a fortune on taxes, but it’s not enough to keep public retirement plans funded. State and local governments take in less in tax revenue each year than the size of their unfunded public-pension liabilities, according to data provided by the Rockefeller Institute of Government. As these liabilities grow, investing in education and the nation’s crumbling infrastructure may have to take a backseat in some places. “It will be very expensive to get out of this hole,” said Donald Boyd, director of fiscal studies for the institute.

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