Andy Biggs actually said...

"What happens in most States is the legislature will set the discount rate that they want to use for the pension."

"The fiscal crisis at the State and local level has many causes. The proximate cause is the significant economic recession, from which the U.S. economy still struggles to recover."

"It is the chasing of returns that is driven by the fact that a high return is imposed on them by legislatures."

"Obviously, a large portion of the debt that has been issued and is currently being issued by the United States is held by overseas investors, including China."