September 20, 2016

SOMETHING THAT CAN’T GO ON FOREVER, WON’T: Blockbuster NYT Report Exposes Public Pension Charade. “America’s public pension funds, which manage trillions of dollars in retirement assets for millions of civil servants, are systematically deceiving taxpayers, the politicians, and municipal bond investors with elaborate accounting sleight-of-hand. The ‘official’ numbers show that public pension funds are struggling; the accurate ones show that the looming fiscal time bomb is so explosive that it may be impossible to defuse.”

I feel pretty confident that any proposed fix will involve taking money from me and giving it to Democratic constituencies.

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