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Those of us who have even a brief history in business economics understand you can’t make promises that are unsustainable. You’d have to be a fool to make a business decision now, that would result in undetermined future liabilities decades in advance. That’s exactly what our municipalities, cities and states have done.
As a follow up to one of Jim’s topics on Thursday’s show, what follows are the grim details. State governments are looking at a $1 trillion shortfall between what they have promised state employees in retirement benefits, and, what the states have set aside to pay for those promised benefits. But, should any more bad…