The public pension
deficit gaps are worse than what the mainstream media mention.
That’s because the
projected income used for investments in them is still too high
at 7% and 8% when actual earnings are more like 6% and less.
In reality, the
estimated earnings on investments to pay future public employee
pension payments ought to be equivalent to what the state. city or
other local entity has to pay when it borrows to finance the pension
money.
Therefore, the
problem we see today has, unfortunately, been hidden by
politicians kicking the proverbial can down the road.(See the Earl J.
Weinreb NewsHole® comments.)
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