Tag: government employee pensions
Is It Time To Let State Governments Declare Bankruptcy?
After approving another multi-billion dollar coronavirus relief bill, Senate Majority Leader Mitch McConnell made big public policy news when he argued in a radio interview that states seeking bailouts to cover the costs of their underwater government employee pensions should instead have the ability to declare bankruptcy to restructure their unsustainable liabilities.
California’s Anti-School Tax Revolt
Something unexpected happened in California on Super Tuesday. While most media attention was focused on the state’s presidential primary for the Democrat party, there was also one statewide proposition on the ballot, which would have authorized the state government to borrow $15 billion to repair and upgrade schools, to be paid for by raising...
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Do You Live in a Sunshine City or a Sinkhole City?
Truth in Accounting has released its 2020 report on the Financial State of the Cities, which ranks the fiscal friendliness of the 75 most populous cities in the country according to their Taxpayer Burden or their Taxpayer Surplus. Here’s how the nonprofit fiscal watchdog group describes how it determines whether a city imposes a...
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How Well-Funded Are Government Employee Pension Plans in Your State?
Oakland, California. New Jersey. Illinois. These are just three places in the United States that we’ve talked about in The Beacon because their recent history has been defined by the fiscal problems each faces. Fiscal problems that arise only because they don’t have the money to fund the generous retirement benefits their politicians have...
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Chicago’s Road to Dystopia Is Paved with Public-Pension Promises
Have you ever wondered what it would really be like to live in a post-apocalyptic dystopia?
How Good Is Your State’s Credit Rating?
Ten states have a chronic overspending problem.
Illinois’ Growing Public Employee Pension Liability Crisis
Local governments are now having to reduce needed services to the public to pay for the generous pensions of retired government employees.
Friedrichs v. CTA Could End Compulsory Union Dues
On January 11, the U.S. Supreme Court will hear arguments in Friedrichs v. California Teachers Association (CTA), a potentially landmark case. If the Court rules in favor of the plaintiffs, the financial strength and political clout of government employee unions across the country could be diminished greatly. Ten California teachers and a teachers’ group,...
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CalSTRS Boss Jack Ehnes Deceives Californians About Funding
Jack Ehnes, CEO of the massive California State Teachers’ Retirement System (CalSTRS), deceived the public in a recent blog post opposing public pension reform in California: CalSTRS has not taken any “pension holidays,”’ which means contributions have been made continuously, thus reinforcing the sustainability of the fund. Ehnes fails to indicate whether: (A) $1...
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Two Reasons to Pay Off Public-Employee Pension Debt Quickly
In a recent op-ed in the Wall Street Journal titled “Pension Reform Doesn’t Mean Higher Taxes,” Andrew Biggs correctly pointed out that new Governmental Accounting Standards Board (GASB) rules require state and local governments across America to be more transparent about the financial health of their public-pension plans. But, as he noted, the rules...
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