“One consequence is that asset sales and privatization will pick up. The very unfortunate consequence is that various safety nets for the most vulnerable citizens will be cut back.”
This quote from:
Mr Kramer, an influential figure in the Democratic party and still a member of the investment council that oversees the New Jersey pension fund, has been an outspoken critic of public pension accounting, which allows for the averaging of investment gains and losses over a number of years through a process called “smoothing”.
From this
article:
States Warned of $2 Trillion Pensions Shortfall
Mr. Kramer never mentions the possibility of claw backs, or bankruptcy to dismiss the liability. No, high democratic officials always cut out the Widows and Orphans first. However, be assured some high democratic official will invent some fiction so we can ignore the widows and orphans.
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