Do state and local workers get paid more or less than their private sector counterparts? That old question has taken on renewed life with the budget and labor disputes raging in Wisconsin and other states. Unfortunately, it’s not an easy question to answer. As Ford Fessenden notes in a nice set of graphics at the New York Times,one reason [...]
Posts Tagged ‘States’
State and Local Pay vs. Private Pay
Posted in Budget, Microeconomics, tagged Budget, Income, jobs, States on March 7, 2011 | 4 Comments »
Borrowing from One Pocket to Lend to the Other
Posted in Budget, tagged Budget, New York, Pensions, States on June 12, 2010 | 3 Comments »
Public pensions funds are the key budget challenge facing many state and local governments. Why? Because it’s been easy for officials to promise future pension benefits without setting aside enough money to pay for them (the same problem afflicts corporate pension plans and Social Security). The New York Times has a front-page story describing New [...]
Will Illinois Go Bankrupt Because of Scott Brown?
Posted in Budget, Politics, tagged Budget, Politics, States, Stimulus on January 30, 2010 | 4 Comments »
A sharp reader offers the following hypothesis (which I have edited): Illinois is fundamentally bankrupt. It has less than $1 million in cash, pays vendors net 90, and owes its state university $450 million that it cannot pay. Oh, and it also has $60 billion in unfunded pension liabilities. Now that the Republicans have 41 [...]
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