Blog

California’s Pension Woes Exacerbated by Politics

At some point California will need to figure out how it is going to cope with having insufficient money set aside to meet its pension promises. That calculus will be much easier if CalPRS doesn’t accept a lower rate of return in exchange for dubious political chits.

Blog

Obama’s Misguided Reversal On Social Security Expansion

Recent experience has shown that even would‐​be reformers have expressed a reluctance to make any changes that would affect current retirees, and if this continues it would make addressing the Social Security’s significant unfunded obligations more difficult. 

Blog

The Fundamental Fallacy of Redistribution

The reason governments cannot simply take money from some people according to how able they are, and give it to others according to how needy they are, is because people who were aware of that plan would not be foolish enough to accurately reveal their abilities and needs.