Action this week by Illinois' biggest public pension fund to lower its expected rate of return, could "cripple" the state's already fragile finances, Governor Rauner has warned. "If the (TRS) board were to approve a lower assumed rate of return taxpayers will be automatically and immediately on the hook for potentially hundreds of millions of dollars in higher taxes or reduced services... the unforeseen and unknown automatic cost increases would have a devastating impact."
The best thing about Obama (from an oligarch’s perspective), is his uncanny ability to push through upward redistributive wealth policies while still maintaining a phony aura of caring about the little guy amongst so many of his apparently lobotomized supporters.
In the latest paradox of the new normal recovery, this time one with distinctly morbid undertones, the Associated Press reports that US medical schools are seeing a surge in the number of people leaving their bodies to science, a trend "attributed to rising funeral costs."
"If one belongs to that third of the nation that pays no income taxes but receives copious benefits, why would you vote for a party that will cut taxes you don’t pay, but take away benefits you do receive?" And so they did, and so they do. But this is a game that cannot go on forever.
If Obamacare enrollments continue their current trend and insurers continue to hike premiums at alarming rates then Republicans may not have to worry about "repealing and replacing Obamacare" as it might just work itself out "naturally".
The Fed's interest rate policy has driven long-term return expectations for investors lower but pensions are slow to update their assumptions to reflect the current "reality"... when/if they do the consequences will be pretty scary
Our judicial system has a time-tested option for those who can’t pay their debts: bankruptcy. Individuals and businesses use it all the time. It’s messy, but it usually works for the best. Current law doesn’t let states go bankrupt... yet!
Fridays in the summer are a great day to dump news you don’t want scrutinized, as reporters will tell you. Chicago Mayor Rahm Emanuel just dropped some propaganda, bragging about balancing the Chicago budget and fixing the city’s pension plans. While Reuters' Dave McKinney took the lies hook, line, and sinker; the facts behind the lies can be summarized thus: "the kicked can is not included."
In continued defiance of the Democrat narrative calling for stricter gun laws, Chicago's homicide problem just keeps getting worse despite gun laws that are already among the most restrictive in the country.
Eight years ago, Barbara Conley was one of the millions of Americans swept up in Barack Obama's promises of hope and change when he accepted the Democratic nomination at a packed football stadium a few miles from her home in the Denver suburbs. But those optimistic days are unrecognizable to Conley now.
Fiat Chrysler is under investigation by the U.S. Justice Department for fraud, according to people familiar with the matter. As Bloomberg reports, prosecutors are scrutinizing whether the carmaker violated U.S. securities laws, they said. The inquiry is in early stages, according to two people, who asked not to be identified because the investigation is confidential and declined to specify what conduct is being investigated.