U.S. public pensions face a $2.5T shortfall that will force state and local governments to sell...

|By:, SA News Editor

U.S. public pensions face a $2.5T shortfall that will force state and local governments to sell assets and make deep cuts to services, according to Orin Kramer, former chairman of New Jersey’s pension fund. Although Kramer says some local governments would experience “severe strain,” he does not foresee mass defaults.