Moody's reports ("Moody's: U.S. pension liabilities moderate in relation to Social Security, Medicare") that government pensions are underfunded by $7 trillion dollars. (That's "trillion.") Half of that is for federal pensions and half for state and local pensions.
That amounts to 40% of 2015 GDP. This is a very big number.
The good (?) news is that this $7 trillion deficit is small when compared to the deficits in social security and medicare. Social security's deficit is $13.5 trillion, or 75% of GDP, whilst Medicare's deficit is $3.2 trillion, or 18% of GDP.
Added together, the government is underfunded by 133% of GDP. This compares with with the UK's 66% of GDP and Canada's 12% of GDP.
It is a deep hole; an abyss, in fact.
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