There have been numerous articles in the Wall Street Journal and the New York Times regarding pensions recently.   In the last three years, almost 600 companies have reneged on their pension fund obligations.   Currently the Pension Benefit Guaranty Corporation (PBGC) has 62.3 billion in obligations and 39 billion in assets- a gap of 23 billion.  If Northwest and Delta shed their pension plans like US Airways and United did recently, it could saddle the PBGC with an estimated 11.2 billion in unfunded liabilities. The automakers and Delphi may not be very far behind.  Roger Lowenstein in the NY times makes the case  that public (government) pensions are underfunded at least 300 billion.  He states 'future taxpayers will be hopelessly in hock to the police, firefighters, and teachers of the past."