Monday, December 7, 2015

Really Glad Not to Be Dependent on a Public Pension Right Now, Especially in the Northeastern States

This is another way of saying that public sector unions—and state and municipal governments—have made promises to workers about their pensions without setting aside enough money to fulfill those promises when they came due. As a result, pension managers are forced into the casinos to make risky bets. But because they tend to be among the stupidest players in the financial market, they all too often end up getting hosed.

The problem, of course, is that as the state economy becomes untenable, discouraging new business, raising taxes on, well, everything, and encouraging successful businesses to relocate, this adds to the burden of non-profit organizations, like ours, to raise funds and organize ministries to the increasing number of people in need.