Brian, I’ve always cared about the health of public entities, and that means that they need access to capital at a reasonable price.
Yes, I want higher interest rates, but not because there is a financial crisis. I want higher (actually market) rates because I want to prevent asset price bubbles so we can ameliorate the deep recessions and depressions caused by the Fed’s boom-bust policies.
They do need to budget better, but pensions are only one part of the puzzle. I have personally seen far more egregious spending on other items. They are already quite efficient, and do use modern technology. But changing to new technologies often costs more money than what they initially believed they would save with the new system/technology. All spending should be conservative and thoroughly thought through before making any spending commitments.
