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Weekend Serving of Sense on Cents

Posted by Larry Doyle on June 22, 2013 8:24 AM |

For those who care to dig a little deeper in order to gain a greater degree of ‘sense on cents’, I welcome sharing a few commentaries and reports that I found to be of very real interest.

Interested in getting a decidedly wider-eyed and detailed view of the world than what might commonly be delivered elsewhere? Grab a second cup of coffee and span the globe as these noted economists discuss an array of critically important international issues:

1. Ian Bremmer and Nouriel Roubini Unveil the New AbnormalInstitutional Investor

What was really going on within the credit agencies? Talk about aiding and abetting . . .

2. The Last Mystery of the Financial Crisis, Matt Taibbi; Rolling Stone

For those with an interest in navigating the intersection of education and municipal finance, I welcome highlighting that:     

. . . despite all the furor around retirement costs for public employees in general and teachers in particular, there has been distressingly little discussion about what impact future retirement costs will have on future district budgets—and on the well-being of their schools, teachers, and students. 

3. The Big Squeeze: Retirement Costs and School District Budgets, Dara Zeehandelaar and Amber M. Winkler; Thomas B. Fordham Institute.

I hope you might enjoy (if that is the appropriate word) these reads as much as I did. I thank the regular readers who brought these to my attention.

Navigate accordingly.

Larry Doyle

For those reading this via a syndicated outlet please visit my blog and comment on this piece of ‘sense on cents.

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I have no business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

  • Tim Favero

    The Big Squeez: Retirement Costs and School District Budgets is an interesting read. I live in Illinois, and our unfunded pension debt is $100B, and grows by $17.1M per day. The school pensions are paid by the state, so there is no accountability by the local school boards to limit large wage increases to teachers that are retiring by the next contract, or within four or five years. Four, five, six and even seven percent increases have been given to teachers retiring in the next few years, padding their pensions that the citizens of the state of Illinois are on the hook for. The Civic Club of Chicago actually estimates Illinois’ unfunded pension obligation is $240B to $248B if the accounting included accrual, not cash value. As soon as I can sell my home, I am moving six miles north to Wisconsin, where pension reform actually lowered property taxes by an average of $400.00 per homeowner in Wisconsin, while my tax rate increase in Illinois went up 22.7% after going up 20.1% the year before.

  • LD

    Tim,

    Thank you for sharing this painful but fascinating insight. A mere 43% increase in property taxes in two years . . . time to get out of Dodge.






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