A Paragraph to Ponder

By Andrew Biggs of The Wall Street Journal on December 16, 2013 (The Hidden Danger in Public Pension Funds):

"The ratio of active public employees to retirees has fallen drastically, according to the State Budget Crisis Task Force.  Today it is 1.75 to 1; in 1950, it was 7 to 1.  This means that a loss in pension investments has three times the impact on state and local budgets than 40 years ago."