Photographer: Joe Raedle/Newsmakers

Public Pensions Are Being Overly Optimistic

A more realistic assessment of their investment returns would show they're in even worse shape.

This column often tackles controversial issues: race, gender, crime, the tragedy of people who order steak in restaurants. Today, however, we’re going to have some real fireworks. We’re going to talk about the appropriate discount rate for public-sector defined-benefit pension plans.

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