Friday, June 28, 2013

Myth busters. Bond ratings and our pensions. | Fred Klonsky

Myth busters. Bond ratings and our pensions. | Fred Klonsky:

Myth busters. Bond ratings and our pensions.

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I got interested in the state bond rating mythology when I noticed a post on Capitolfax Wednesday.
“The state received more than $9 billion in bids Wednesday from 145 investors for $1.3 billion in General Obligation bonds,” said the post titled “Apparently, it wasn’t much of a catastrophe.”
For years the issue of the state’s bond ratings have been used as a club beat up on retirees for their promised state pension systems.
Four 60 years the legislature has refused to meet its funding obligation so that now the systems are 60 percent