How to Low-Ball a $4.4 Trillion Pension Hole

The public pension problem is even worse than it looks

Last week's report that Philadelphia borrowed $50 million to open its schools on time was another chapter in the tale of the city's industrial decline, middle-class flight, population loss and racial segregation. What was interesting, though, was this line in a New York Times article, reporting that the school district has a projected deficit of $304 million:

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