Now, record defaults are resulting in huge losses for municipalities, states, banks, insurance companies and nonprofit organizations.
Across the country, private care companies who provided accommodation now see their investments lying idle, sometimes at huge cost to municipalities who are locked in to continuing payments.
Since taking office, Mr. Corzine has required that both the state and municipalities make huge payments to the pension funds.
For whom the toll sells Unsettling Wall Street The sewers of Jefferson County Growing pains The big push back ReprintsMany municipalities face huge unfunded pension liabilities.
There was, instead, a huge military machine that went from municipality to municipality driving people from their homes.
But it can be a huge burden for states and municipalities to provide even a modest, $26,000-a-year pension to hundreds of thousands of people, at least in today's economic environment, and especially if those people are able to retire well before 65 and collect that money for many years.
Corcoran said St. Ann is "on solid ground" financially, but said the new cap would have a huge impact on other St . Louis Countymunicipalities.
This can have huge economic consequences for the municipalities.
Even multiplied by dozens of municipalities, the difference is huge.
