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No ink has been spared documenting the looming “pension crisis.” Conservative estimates put the total unfunded pension liabilities of state and local governments at a staggering $2 trillion.

But if you thought it couldn’t get any worse, you’re wrong.

Migration trends are further looting state coffers in the Northeast, as people move from North to South to avoid ever-steeper tax bills.

“I think there is a massive day of reckoning coming down the pike here and nobody seems to know what to do about it,” says Housing analyst Josh Steiner in the video above from The Macro Show.

“We know which states they are. Florida and Texas are vacuuming up people left and right. It’s really coming to the detriment of New Jersey, New York, Connecticut and Illinois.”

In the video above, Steiner dissects the gloomy numbers behind this trend and explains the gravity of the situation.

Exodus From High Tax States Is Pouring Gasoline On Pension Fire - the macro show