The New York Times reports on the number of state and local governments promising benefits to public workers based on nonsense for the most part.
Things like having consultants hired by the workers themselves to do the analysis.
One great example: when Fort Worth's pension fund ended up with a $410 million deficit, they found that an actuary had calculated that the city could put less money into and give more away. All they needed was a 10.23% annual growth rate!
There is one possible solution: getting the regulator, the Internal Revenue Service, to stop the fox from guarding the henhouses.
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