In recent years there has been a regular drum beat of news stories warning us about the enormous unfunded liabilities of state and local pension funds. Much of this has come from reports issued from well-endowed foundations, most notably the Pew and Arnold foundations who have a joint project on public pensions.

Ostensibly these foundations are simply providing information to allow the public to address a major policy problem. However, it is difficult not to ask whether these foundations may be pursuing a different agenda.

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