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More Faulty Pension Analysis Unhelpful to State and Local Recovery Efforts (PDF)
National Council on Teacher Retirement 
[Opinion] July 18, 2011
Robert Novy-Marx and Joshua Rauh ? whose analysis last year contained flawed methods reflecting an inaccurate understanding of public sector finance and operationsi ? released a new paper that makes more dramatic projections about the condition of public retirement systems and their effects on state taxes. The paper, The Revenue Demands of Public Employee Pension Promises, ii uses underlying assumptions that understate revenues, inflate costs, and ignore other available public policy options.
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