Typically pensions themselves are the largest underfunded government obligation - consider California, where Gray Davis passed a retroactive pension benefits in

Typically pensions themselves are the largest underfunded government obligation - consider California, where Gray Davis passed a retroactive pension benefits increase with a reduction in pension funding. At the national level, the math is different because of the military, but state and municipal governments pay a ton of their budget to retirees. http://www.latimes.com/projects/la-me-pension-crisis-davis-deal/ http://www.latimes.com/projects/la-me-pension-crisis-davis-d...