Pension Pursuit

Economics

Play the game of Pension Pursuit and see how state and local governments are underfunding pension obligations by trillions of dollars.

This five-part animated video series is based on Hoover Institution Senior Fellow Josh Rauh’s research on the vast underestimation of public pension liabilities and gives insight into the hidden debts the next generation will face.

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A Misalignment of Interests: The Politics of Pension Funding

The unfunded obligations of pensions systems sponsored by state and local governments continue to grow, leading to higher taxes and fewer services for current and future taxpayers.

Kicking the Can: Concealing Budget Shortfalls by Underfunding Pensions

Pension funds are using unrealistic assumptions about their future pension returns, concealing shortfalls that will eventually have to be paid for with benefit cuts or higher taxes.

Risky Business: Hoping High Returns Fund The Pension Gap

Governments are making risky investments and relying on future tax revenue to fund pension programs.

Unfounded Optimism: High Investment Returns are History

State and local governments will have to turn to taxpayers to cover the shortfall when their hoped for investment returns don’t materialize.

Off by Trillions: The Reality of our Pension Problem

Pension funds are using overly optimistic assumptions about investment returns and should treat pension promises as guarantees that need to be backed up by risk-free investments.

Interactive Map Of Pension Liability By State And City

Use this map to see the difference between reported and actual unfunded liabilities in states and major cities.