Overdrawn at the pension fund

Collectively, the 50 states are on the hook for $1 trillion more in pension obligations than they can pay for.  The Pew Center for the States has a new report, but you can cut to bottom line quicker with this graphic from Forbes.  I suggest we Texans working for the state all sign a waiver for our first $7,744 in defined benefits (yes, university instructors get defined benefits), and square the account.  Or, we can just let it ride, and screw our fellow citizens 5 or 10 years down the road.