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View Diary: Some Facts--Wall Street Fools Hurt Public Pensions: Duh (18 comments)

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  •  A couple questions (1+ / 0-)
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    johnny wurster

    First, you say that

    The New York City Employees Retirement System, for the entire decade, had a DECLINE in employer (the "employer" being the city) contributions from $845 million  in 1990 to $145 million n 1999
    However, your first chart (just above that quote) shows the contribution being about $3B in 1990 and $1.9B in 1999. The chart is in 2010 dollars, but after removing the adjustment the chart would show contributions of about $1.7B in 1990 and $1.4B in 1999. Why the discrepancy, and what's the source for your quoted figures?

    Second, you note that

    contributions from the city start a steady increase around 2000 or so
    which the chart supports. You attribute this specifically to the end of the internet bubble in 2000, and more broadly to the "greed and incompetence of Wall Street".  But what about the period from 2003-2008?  Pension contributions continued to increase steadily, but the DJIA nearly doubled from late 2002 through the end of 2008. It seems that something other than Wall Street incompetence might have been contributing to the rising contributions during this time.

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