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What Pension Crisis?
In “The Other National Debt” (June 21), Kevin D. Williamson badly misrepresents the reality of retirement assets for employees of federal, state, and local government in the U.S. Williamson states, “While the federal government runs a reasonably well-administered program for its workers, the states . . . have been running a mad-scientist experiment in their pension funds, making huge promises but skipping the part where they sock away the money to pay for them.”

But in fact, state and local governments have set aside more than $2.5 trillion in assets to advance-fund pension benefits for their employees. These are real assets with real value, including global equities, bonds, real estate, private equities, cash, etc. — in contrast to the “non-marketable government securities” the federal government uses to fund its pensions, which are basically IOUs.

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