Over the years, 13 local retirement systems in seven major metropolitans have successfully lobbied the Legislature to have some or all of their pension plans codified in state law, making pension reform difficult, if not impossible, to realize without first getting legislation passed at the statehouse.
D.C. Doesn’t Just Spend Too Much Money, It Spends On The Wrong Things
Can you imagine China, Russia, or Iran spending trillions of dollars to remove any fraction of the carbon dioxide they’re pumping into the air? When corporations — and people — misallocate capital, they tend to suffer. Of course, whether capital is misallocated is sometimes only fully understood after the fullness of time. The People’s Republic...