Wsj Your Money Briefing

Extended lifespans, unrealistic investment expectations and excessive promising by politicians are among factors that have led to a hole in U.S. state and local pensions rivaling the GDP of Japan. Wall Street Journal reporter Sarah Krouse explains. (Update: Moody's now estimates the pension hole is around $4 trillion, not $5 trillion as originally reported.) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.