Economics

"Looks like time’s up for New Jersey’s pension fund"

Pro tip: when you, for a long time, spend money you don't have, sooner or later things will get very ugly.

When Phil Murphy becomes New Jersey’s 56th governor on Tuesday, he’ll face a stark choice: Ship all new tax dollars to the state pension fund and freeze all other outlays — or sit back and watch the fund head to collapse.

Related: "Collapsing pensions will fuel America’s next financial crisis".


"Fractured West: In Oregon and elsewhere, rural residents increasingly balk at Democrats’ progressive governance."

From the fine folks who brought you the spotted owl: now rural Oregonians are told they need to protect the spotted frog. And this is what happens:

The rural West is a long way from the rust belt, but the two regions have more in common than many Americans realize, and their voting behavior now aligns. . . .

The skepticism is based on a simple principle: democratic local control is better than ignorant distant bureaucracy. 


"Major Provisions in Conference Agreement: The Tax Cuts and Jobs Act; Tax Units with a Tax Increase or Tax Cut . . ."

A preliminary analysis by the Urban-Brookings Tax Policy Center--in the accounts I've read, this is described as a "left-leaning" think tank--finds that for next year, under the new tax law, 80.4% of U.S. tax units will get a tax cut and 4.8% of the units will see a tax increase. For those getting a cut, the average decrease will be $2,140. (Average, not median.)

As Glenn Reynolds notes, "That's not the impression you get from reading the major newspapers".

Related: "CBS Tries To Find Negative Middle-Class Tax Outcome, Fails Miserably….," "Nancy Pelosi’s apocalyptic tax-bill delusions," and "Diaries from Taxcutmaggedon".