pension funds and more
Beyond that, anything I have to say I have said before, and before, and before. If anything I have proven to be wildly optimistic. The number being quoted about how much the city pension fund should have to be full funded is $899 million. That number is at best the number for January 1st 2007 and so is now 2 years old at best. The realistic number for the unfunded pension liability is likely much higher if there was a current estimate, we just won't learn a more current number for another year to year and a half. If the actuary has to assume a lower inflation rate out the next 30 years, or a lower investment return over that time, the potential for a much higher pension liability is a bit scary to contemplate. Lower inflation rate is going to push up the NPV of those future pension payouts, something that could be a big big issue across the nation not just here.
Unemployment rate did in fact come in at 5.5% as I suggested it would. Again the big curiosity is that despite nationwide, or worldwide, economic collapse... why is the local employment level and labor force continuing to go up from their historic highs for the region. Labor force participation rates do not move that fast month over month or year over year even. So my answer as I got into a bit earlier is: migration.
and it may seem like just a sports story, but maybe it isn't. NYT had a slightly different version of the story on Monday, but the International Herald Tribune talked Steelers-world yesterday. : Steelers are NFL's one constant. In a sense, it isn't saying something all that different from what Potter in the City Paper said about Pittsburgh this week.