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In One Chart: American cities and states have issued $72 billion of pension bonds. Here’s what that means

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Panorama of a city business district with office buildings and skyscrapers and superimposed data, charts and diagrams related to stock market, currency exchange and global finance. Blue line graphs with numbers and exchange rates, candlestick charts and financial figures fill the image with a glowing light. Sunset light.

State and local governments may think that issuing debt to pay down their unfunded pension liabilities is a good idea, but there are lots of reasons to be wary of the practice.

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