Monday, September 22, 2014

How Detroit Went South

Judge Steven Rhodes soon will issue a ruling on Detroit’s bankruptcy plan. However he rules, it is a safe bet that history’s verdict will be much harsher: Detroit’s leaders are guilty of murder in the first degree of a once-great American city.— Kevin D. Williamson (source infra)

".... So we have: a city council too short-sighted and beef-witted to understand what it was doing, a mayor who was an outright criminal, union bosses who never asked where the money was going to come from and union members who simply cashed the checks and never held their leaders to account, banks and financial firms that were happy to bet that they’d be comfortably seated when the music stopped, and lawyers and a court system happy to ignore the fact that the bankruptcy deals being worked out in Detroit are exactly as corrupt and destructive as the policies that put the city into bankruptcy in the first place. And a pox on the people of Detroit, too: They keep voting for this, over and over..."  (source: National Review)

Monday, September 15, 2014

DC Per Capita Income, Hogs at the Trough

DC Per Capita Income - Business Insider: "It shows the ratio of Per Capita Personal Income In Washington DC vs Per Capita Personal Income in the entire country. As you can see, the two decades from the 1990 to 2010 were amazing years for DC, as the ratio surged from just over 1.2x to 1.8x. Good times."


Monday, September 8, 2014

Aramark Correctional Services, Maggot epidemic, US prison food

Maggot epidemic in US prison food -
Aramark Correctional Services recently scored over $250 million in lucrative government contracts to feed prisoners in the states of Ohio and Michigan. In the few short months of Aramark's government service, both states have repeatedly fined the company for having maggots on their food service or prep lines, occasions of employees being drunk, harassing, and even kissing prisoners - the list of infractions is long. With so much money on the line, you'd think government contractors would all be the best in their field. Too often, it seems like the opposite is true. The Resident discusses. Published on Aug 12, 2014

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Monday, September 1, 2014

Public Pensions, Doing the Right Thing

Doing the Right Thing - Bloomberg View: "... In 2013, San Diego County spent $103.7 million in investment and administrative fees. It is one of the highest-cost pension funds in the entire country. To review: A pension plan is failing to save enough to meet its retirement obligations, and rather than save more, it ramps up leverage. I am not fond of forecasts, so instead, I will offer one of two likely outcomes: Eventually, San Diego County’s pension fund blows up. The losses are spectacular, and the county' taxpayers are saddled with billions in new tax obligations. Alternatively, the townsfolk figure out how much risk is being put on their shoulders, and fires everyone involved, from the pension board to the advisers to anyone who voted for these shenanigans. I have seen this movie before. I know how it ends."