Download Episode Subscribe: Apple Podcasts Google Podcasts Spotify Cato Daily Podcast • June 12, 2020 COVID-19 Takes State Pensions for a Ride State pensions typically rely on stock market returns to fund the benefits to retirees, and fall back on taxpayers when stocks are down. What about when taxpayers are also down, in a sense, because of a viral pandemic? AEI’s Andrew Biggs comments.