Aw Snap! #2

Also turns out that the public pension hole is vastly larger than reported. Pension assets for states alone are probably less than half of real liabilities. The reason? Governments use unrealistic valuation formulas that would get a private company exec put in jail.

Finance professors Robert Novy-Marx at the University of Chicago and Joshua Rauh of Northwestern University asserted in a recent paper that the funding gap for state pension plans alone might exceed $3 trillion, in part because state funds are using an unrealistic long-term annual investment return of 8% to compute the present value of future payments to retirees, as is permitted in government standards for pension-fund accounting.

It seems that virtually everything 'public servants' do these days is illegal for us proles.

Party members and proles, we have always been at war with Eastasia.