Our long term financial problems

There is a growing belief among serious economists that we, as a country, face a large and unsustainable gap between our financial resources and our financial expectations. Current deficit spending by the national government and a failure to control long term debt, pension and health care costs at all levels of government will lead to […]

Pensions – Public and Private

There’s a thoughtful discussion on On Point today about how to handle guaranteed pensions in the face of economic volatility: http://www.onpointradio.org/2010/07/pension-crisis They touch on pensions’ contributions towards budget deficits, how some public employees game their respective systems, and how public salaries differ from private salaries.  It’s worth a listen if you’re interested in the issue.

State pension obligations

Will, There was an article in Saturday’s NYT entitled “In Budget Crisis States Take Aim at Pension Costs“.  It quotes a pension expert who finds that states like Connecticut, Illinois, Indiana and New Jersey are less than 10 years from exhausting their pension funds. However, as the article says “…paying public pensions straight out of […]

An historical perspective on Lawrence

I have some experience with Lawrence. In the early 90’s, I helped create and run the annual Bread and Roses Festival, which celebrates Lawrence’s labor history. A few years ago, I taught in Lawrence for a year. Several points. Lawrence is an immigrant and mill city with a tough history. Historically, its low-wage mill jobs […]