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Tag Archives: crony capitalism

Illinois Teachers to Taxpayers: No money? Too bad. We want our $100,000/year pensions.

There are few states which to me embody dysfunction more than Illinois. The place is out of control. It is hamstrung by state employee and teacher unions which demand to be paid lavish pensions even though the state is effectively out of money and is clinging to its credit rating. If they are allowed, the Illinois state employee unions will hollow out the finances of the state (even more) and Illinois will continue down the path Detroit has already walked.

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Negative Real Interest Rates Are Just Income Redistribution

It’s been tough to save money since the Crash. Right now many of us are receiving a negative real interest rate on our savings. (If we have savings.) That is, the interest we get on our money is not enough to keep up with inflation. From the moment we buy a CD or deposit money into an interest bearing account we are actually losing money. (We are losing even more money though if we keep it in our mattresses – by a very small amount.)

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