Robert Novy-Marx and Joshua D. Rauh, Providence Journal

Fiscal Cliff or Pension Blackhole?

There are fiscal cliffs, then there are fiscal black holes. The difference? The cliff, you fall over just once. But a black hole increases its pull on you more and more each day. And that’s a disturbingly accurate description of the problem now faced by Rhode Island and virtually every other state: the ever-growing challenge of underfunded pensions for government employees.

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