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Public Pensions Are $2 Trillion Short: Report

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The US public pension system faces a higher-than-expected shortfall of more than $2,000bn that will increase pressure on many states' strained finances and crimp economic growth, according to the chairman of New Jersey's pension fund.

The estimate by Orin Kramer will fuel investors' concerns over the deteriorating financial health of US states after the recession. State and local governments are correctly perceived to be in serious difficulty, Mr Kramer told the Financial Times.

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