Unfunded liabilities are in the billions
A correction to my May 3 letter: Unfunded liability for the public employee pension system is now $13,404,700,000. That is 13.4 billion, and the unfunded liability for other post-employment benefits is an additional $12.1 billion! Added together, that is $25.5 billion, not $25 million as previously stated.
Total state spending on DOE K-12 education is $3.2 billion, thus that is about 1/8th the entire state spending on K-12 education. Source of this information is a report prepared by the Center for Government Analysis.