If you plan to be collecting Social Security in 2034, plan for a sizeable cut.
Amen to this.
Of course, if Congress passes a bill to bail out the multiemployer plans, it would be a terrible precedent. One can imagine the hugely unfunded state and local government pension plans lining up to try to get similar relief.
Reminds me of the First Law of Holes: if you find yourself in a hole, stop digging.
This is a tough one.
11-minute video discussion including a member of the Chicago Tribune's editorial board and featuring a big diss of the Fed Bank of Chicago. People living in Illinois probably should have substantial quantities of booze at hand before viewing.
Op-ed writer in The Mercury News notes an odd thing: California's state revenues "will be 30 percent greater than 10 years ago yet key services will receive less money than they did back then". Go ahead, guess why.
Noted U. of Chicago economist John Cochrane explains what's up with California's goofy mandate for residential solar panels.
Link via Marginal Revolution.
But the most dramatic negative effect of metric fixation is its propensity to incentivise gaming: that is, encouraging professionals to maximise the metrics in ways that are at odds with the larger purpose of the organisation.
Sound like at least a few other states should try this.
Totalitarians lie a lot. Who knew?