Stuart Varney on January 21, 2011 about Financial Regulation
Varney falsely claimed that pensions are the biggest reason states are facing budget shortfalls and that pensions are one of the biggest expenses [states] have. In fact, short-term budgetary challenges facing states are the result of the financial crisis, not pensions, and current pension obligations account for just 3.8 percent of the average state's yearly expenditures.

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