How the Coming Pension Fund Crisis Will Play Out

Aaron Brown, Bloomberg Opinion columnist and former head of financial market research at AQR Capital Management, understands the problem and suggests:

New Jersey makes (last?) pension contribution

P&I reported that “Jennifer Sciortino, a state Treasury Department spokeswoman, confirmed Wednesday that the state made the full $684 million payment on March 31, the end of the third fiscal quarter.”

The next payment by the state is also $684 million and it is due by June 30, 2020. Here are four reasons why it won’t be made:

Testee-In-Chief

I try to avoid coronavirus coverage like the plague but I happened to stumble upon this clip and it got me to wondering.
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I hear it is hard to get tested and you need to exhibit symptoms (not just curiosity).

And another thing.

Coronavirus Is Making the Public Pension Crisis Even Worse

Among the things I will be doing today:

• seeing about applying for my $10,000 forgivable small business loan,
• revising our benefit payout standard attachment to incorporate the CARES Act provisions, and
• checking unemployment figures to get an idea of how many unemployed (who got through on the state website) will be getting the $600 in extra weekly benefits.

Which got me to thinking about how many sectors of the economy are getting bailouts….and one that is not – for now.

From an article by Mary Williams Walsh:

Determinators

New Jersey Governor Phil Murphy gave his daily briefing where he provided body counts and deflected to others questions he was not qualified to answer while on a question he should be qualified to answer:
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To be determined:

Health Justice NOW (IV): What We Do

Timothy Faust’s philippic against the US healthcare ends with what to do to get to single-payer.

MPRA Approval Vote Landslide

Last June the Composition Roofers Local 42 Pension Plan out of Cincinnati, OH filed to cut benefits. Last month they got the the go-ahead from the Department of the Treasury. However, as in any purported democracy, the people needed to vote on it. Today the MPRA website posted a letter dated March 27, 2020 revealing the results of that vote. It was a landslide.