Mr. President — Don’t Sign That Bill

With both houses passing the “Puerto Rico Oversight, Management, and Economic Stability Act” (PROMESA), its up to the President to sign the bill and he likely will. While PROMESA may be well-intended, it sends the wrong messages to both public officials, private markets and consumers. For more than a decade, the Commonwealth has covered its […]

Real Clear Policy: The Puerto Rico Bailout Blunder

This op-ed discusses the attempt to bailout Puerto Rico’s massive debt. The bailout will likely push costs to bondholders and others, instead of taking steps to deal with the root cause — overspending.  Who is holding Puerto Rico’s politicians responsible and what will prevent other states from trying to do the same? The article can be read […]

Shifting the Burden of Government Borrowing

Illinois’ problems with government pension funds started with negotiated promises for excessive benefits.  Some Illinois pensions run at $100,000 or more per year and half of employees retire with benefits before age 60.  Those problems were inflamed by the state making smaller contributions than needed to support the benefit payouts.  Instances of early retirements and […]