Josh Barro: Teacher pensions are a ticking time bomb | Washington Examiner:
What could be worse news than that public school teacher pensions across the country report an unfunded liability of over $330 billion? How about the fact that these reports understate the size of the liability by a factor of three?
Recently, the Manhattan Institute and the Foundation for Educational Choicereleased a report (which I co-authored with Stuart Buck of the University of Arkansas) that scrutinizes the financial statements of the 59 pension plans covering most teachers in the United States. We applied private sector-style standards to their estimates of future liabilities, and adjusted their asset values to fully reflect the last two years' drop in stock prices"
“So you think that money is the root of all evil?” said Francisco d’Anconia. “Have you ever asked what is the root of money? Money is a tool of exchange, which can’t exist unless there are goods produced and men able to produce them.” … “Money is not the tool of the moochers, who claim your product by tears, or of the looters, who take it from you by force. Money is made possible only by the men who produce. Is this what you consider evil?” - Atlas Shrugged
No comments:
Post a Comment