Institutional sophistication for the individual investor
The pension crisis has been a conveniently ignored time bomb in New Jersey, but now we are about to light the fuse. A legislative committee just approved a ballot referendum to constitutionally mandate extra spending of over $3 billion now and $6
What happens if we don’t enact pension reform? Nothing terrible happens immediately, and that is the danger. Disaster is a decade away, so politicians see no urgency. But disaster it will be. Consider this. The State’s 2015 budget was approximately $33 billion;
Some elected Democrats have asked me why I agreed to serve on a pension commission to help Chris Christie solve a complicated pension problem. I agreed to serve because the unfunded pension liability of anywhere between $37 billion and $83 billion, depending
Former New York Lieutenant Governor Richard Ravitch pulled together a bipartisan group of statesmen to issue a stark warning about the finances of many state governments around the country. New Jersey did not fare well. Many have not taken the warnings seriously,
I spent part of a day recently at a conference called Facing Our Future, a bipartisan group of leading citizens who have produced a clear document that outlines the magnitude of the New Jersey’s fiscal mess. It depicts the total spending by
Rhetoric that spawns class warfare may feel cathartic, but it doesn’t help anyone. I’m concerned that it makes the less fortunate more resentful, and also causes those most capable of creating jobs to pull back. So I was surprised at the tone
We know that some jobs are never coming back to the United States. For example, simple items of clothing are made more cheaply in Guatemala and Vietnam than in the US. Most customers don’t walk into Walmart asking for “Made in the
The issue of scholarships for urban kids to attend non-public schools is coming to a head in the legislature. The Governor has made passage of the Opportunity Scholarship Act a priority. That is no surprise. What may be surprising to some is
The national Democratic party has gotten clobbered and New Jersey has lost a talented member of Congress. If the Democrats in Trenton are faring any better, it is only because they have no agenda – rather than an unpopular one. People ask
There have been three recent studies of out-migration from New Jersey and the overall effect on state revenues, which were spurred in part by the state’s “millionaire tax.” The studies were conducted at Rutgers, Princeton and, most recently, Boston College. Although there