America’s public-sector pension schemes are trillions of dollars short
Police officers, teachers and other public workers face a brutal reckoning
PERHAPS IT TAKES teachers to give politicians a lesson. Any official who wants to understand the terrible state of American public-sector pensions should read the financial report of the Illinois Teachers Pension Fund. Its funding ratio of 40.7% is one of the worst in America, according to the Centre for Retirement Research (CRR) in Boston (see table).
This article appeared in the Finance & economics section of the print edition under the headline “State of denial”
Finance & economics November 16th 2019
- America’s public-sector pension schemes are trillions of dollars short
- Tighter production targets have failed to lift the price of oil
- The Trump administration is trying to reforge carmakers’ supply chains
- The case for a falling dollar
- The improved mood in financial markets
- Some Chinese firms turn out to have lied about their state pedigree
- Stiff sentences for bank fraud capture Italy’s sour public mood
- How Jim Simons became the most successful investor of all time
From the November 16th 2019 edition
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