“You’re headed for a one-term presidency,” the late Steve Jobs told President Obama. In the biography Steve Jobs, Walter Isaacson writes, “[Jobs said]
Let’s run the math. Some state pensions guarantee 7.5%. If they don’t make the return, then it’s up to taxpayers to make up the difference.
Rhode Island, like most states, is on the hedge fund band wagon. General Treasurer Gina Raimondo invested $900 million of the public pensions with the hedgies. She argues that it will reduce risk and help meet investment returns of 7.5%. Good luck with that.
The BEA recently released a map of the states’ rates of personal income growth. See where your state stands in the rankings.
California’s mismanaged state pensions and budgets are wreaking havoc on the state as Kevin D. Williamson’s writes at National Review in Penniless in Paradise:
Yesterday, we released the names of the 10 Best and Worst States for Business in our Open for Business Index. Today, for the first time, we are releasing the entire list of the Open for Business Index rankings. On the chart below, you can find your state.