Politicians may bill it as “free”, but government monopoly in education is big business that racks up considerable public debt. As Dan Walters of the Sacramento Bee observes, in recent decades California has issued $45 billion in school bonds now being repaid at a cost of nearly $3 billion a year. With interest the…
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Over at Reason Magazine, Veronique de Rugy illuminates the State Pension problem by drawing attention to the differences in accounting rules applied by the market and the government. As de Rugy notes, states are not required to pony up regular contributions to pension systems and they systematically underestimate the liabilities in pension funds. State…
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