Heather Gillers

speaker

548 appearances 11 recordings 1 series first heard Nov 2018 last heard Oct 2021

Heather Gillers’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · U.S. Pension Funds Fell Short in 2019 · 7 Aug 2019 podcast

The real liability, though, is to those older public workers.

And there's very little that most governments can do to change what they owe there.

Thanks for having me.

The gap that is the amount that states as a group are falling short matched

of what they've promised to pay is about $600 billion. matched

So it's quite a lot of money. matched

States made these promises largely in the second half of the 20th century when government was growing and budgets were a little more robust. matched

And they didn't matched

really put aside much money to pay for them. matched

Instead, they generally just paid for retirees health care benefits out of their annual budgets. matched

What they may not have seen is the tremendous growth in the cost of medical care that we've seen over the past 10, 20, 30, 40 years. matched

They also haven't benefited much from investment returns because matched

Unlike pension funds, this money hasn't been saved up in a trust account. matched

Instead, it's sort of built into the annual budget year after year. matched

And as a result, these expenses can become quite burdensome. matched

It certainly did. matched

And we haven't seen the bounce back with governments that we've seen in other areas. matched

So largely governments still matched

local governments and state governments still employ roughly the same amount of people that they did 10 years ago. matched

While they're seeing some revenues pick up, there really hasn't been as much of a recovery in the public sector as there has been elsewhere. matched

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