Tag: Government Pensions
How to Fix Government Employee Pensions

Across the United States, a large number of public employee pension funds face the serious risk of running into insolvency because politicians have promised millions of state and local bureaucrats far more generous retirement benefits than they are capable of paying. Many of these politicians are more than willing to negotiate incredibly favorable contracts...
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Bureaucrat Benefits Crowd Out Public Services

Like Illinois, New Jersey’s worsening public employee pension situation is not tenable.

Bogus Bonuses Still Abound in Federal Government. Just Look at Bruce Ohr.

After the EPA-CIA-Vietnam fake John Beale’s case, bogus bonuses still abound in the federal government.

The Rise of Zombie Governments

State gov.s omit pension obligations to hide insolvency.

Growing Public Employee Benefits to Force School Cuts

Without fiscal reform, cuts to basic education programs are imminent.

Milton Friedman’s Solution for Social Security Would Work for Government Pensions, Too

Milton Friedman, the 1976 Nobel Laureate in economics, was interviewed on the television program Uncommon Knowledge in 1999, and he offered a solution to Social Security’s financial problems: shut it down. But Friedman didn’t advocate that the federal government walk away from its promises. Social Security participants are owed a stream of payments during...
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Actuary Hands Gift to Pension Reformers

The actuarial firm Cheiron recently projected the future yearly pension costs for San Jose’s police and firefighter pension plan. Cheiron wrote: In the worst scenarios, the City’s aggregate contribution rate can exceed 110 percent of payroll. In the best scenarios, the City’s Tier 1 rate can drop to 0 percent, leaving a relatively small...
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Time for Bond Investors, Especially in Chicago, To “Know What You Own”

Four U.S. cities went belly up recently, and all declared bankruptcy largely due to unaffordable government pension costs. The outcomes of these bankruptcies should make everyone think twice about lending money to cities with serious public pension debts. The graphic below shows the outcome of the municipal bankruptcies in Vallejo, Detroit, Stockton, and San...
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Democrats and Republicans to Blame for Public Pension Crisis

I’ve appeared on more than 70 television and radio talk shows coast-to-coast in the past three months to discuss my new book California Dreaming: Lessons on How to Resolve America’s Public Pension Crisis. One common question has been: “Aren’t Democrats responsible for creating the unfunded public pension debt by over-promising pension benefits?” My answer,...
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Janet Napolitano Makes History as University of California Pension Reformer

In an effort to control skyrocketing retirement costs in the massive University of California system, U.C. employees hired after July 1, 2016, will be able to choose a 401(k)-style pension plan, the first time this has been offered. Governor Jerry Brown and U.C. president Janet Napolitano negotiated the agreement, which was enshrined in the...
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