The Government Pension Reckoning Cometh

The pandemic-induced stock market bull market has boosted insolvent state and local governments, but the good times are ending. A new report Tuesday showed state pension funds this year suffered their biggest losses since 2009, likely to mean higher taxes for residents of Illinois, New Jersey and California.

The Wilshire Trust Universe comparison service reported Tuesday that public pension plans fell a median of 7.9% in the 12 months ended June 30. Most of the losses came this spring as the Federal Reserve began tightening monetary policy and markets teetered amid economic and geopolitical uncertainty. The Fed’s easy money had boosted state pension funds through asset price inflation, but the good times had to end when inflation soared.

https://www.wsj.com/articles/the-government-pension-reckoning-cometh-equable-institute-report-11660084312 The Government Pension Reckoning Cometh

Alley Einstein

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