LMU | LA - Loyola Marymount University

Speaker: Dr. Joshua D. Rauh, Professor of Finance at Stanford University

Topic: “Cities and States in Crisis”

Dr. Rauh will speak about the current and future financial crisis faced by many state and municipal governments, with specific emphasis on future revenue demands that will be made by public pension obligations. He estimates that state and local governments presently have over $4.4 trillion in unfunded pension obligations, about $35,000 for each American household. He will explain how this situation developed, how pension laws have contributed to the problem and how GASB accounting standards have masked the extent of the problem. He will also describe how this will affect citizens of California and propose some common sense solutions.

Contact: Nancy Donovan, 310.338.1979, ndonovan@lmu.edu