Opinion: The Fed should not be bailing out the underfunded pensions of cities and states – MarketWatch

"Some governmental units have done a good job of managing their financial obligations, while others have shown little fiscal discipline.  Before the coronavirus hit, the ratio of pension assets to pension liabilities was higher than 90% in Wisconsin, South Dakota and Tennessee, for example, yet lower than 40% in Kentucky, Illinois and New Jersey. Similarly, in fiscal 2017, under appropriate accounting assumptions, obligations to fund pensions and retiree health care ate up less than 20% of municipal revenues for New York City and San Antonio, Tex., compared to more than 60% of municipal revenues for Chicago and Dallas."