More Pension Follies With great fanfare, Governor O’Malley announced his 2014-15 budget. Three thick budget volumes were released. Nowhere in these volumes (with one minor exception) are any of the pertinent data concerning Maryland’s pension and employee health obligations disclosed. The re-design of Maryland’s budget documents carried out by the present budget secretary, Eloise Foster, […]
www.baltimoresun.com/ Maryland’s pension system has performed poorly for decades under two separate treasurers By George W. Liebmann 2:09 PM EST, February 19, 2014 Advertisement The state pension system is Maryland’s financial Achilles heel and has been for decades. All bond rating services have noted that rising pension debt endangers the state’s AAA bond […]
Maryland has, just, preserved its AAA bond rating, though with a negative outlook from Moody’s. Moody’s has issued a publication reporting that Maryland is one of the ten worst states in terms of the burden of pension debt, Maryland’s pension obligations being almost exactly equal to one year’s gross revenues, 99.5% of […]
Mismanaged Maryland Despite talk of reforms and budget cuts, Annapolis dabbles in excessive borrowing, noncompetitive projects and risky investments By George Liebmann6:00 a.m. EDT, March 11, 2013 There is a sharp disconnect between the image and reality of the O’Malley administration’s fiscal policies. The image features pension reforms, reduced structural deficits, […]
Maryland’s Protective Tariff Against Teachers In 2011, Maryland colleges produced 2897 graduates from state-approved teacher education programs, out of 28701 new Maryland college graduates (Maryland Higher Education Report, 2011, p.17). Barely 10% of Maryland’s college graduates are thus eligible for regular certification as teachers in Maryland’s public schools. The regulations governing approved teacher education […]
Strangled in its Cradle Morality, it is said, is what you do when no one is looking. To assess the morality of the O’Malley administration and its favored clients, the teachers’ unions, it is appropriate to look at an obscure enactment, passed and signed ‘under the radar screen’, Chapter 288 of the Acts of 2012. […]
www.baltimoresun.com/news/opinion/oped/bs-ed-school-construction-20120301,0,1047591.story State should not agree to commit vast sums over decades to a questionable building plan By George W. Liebmann 4:18 PM EST, March 1, 2012 Advertisement On the important issue of school construction, Baltimore Mayor Stephanie Rawlings-Blake has displayed refreshing common sense by demonstrating skepticism about a vastly inflated — indeed […]
Lee Casey and David Rivkin, in the latest of their many apologias for the Bush administration, again urge the theory of the unitary executive (Times, May 29). In this scheme of things, the Presidency is an elective dictatorship, and subordinate officers like U.S. Attorneys, once the formality of Senate confirmation is over, are removable for […]
EXECUTIVE SUMMARY Baltimore City has two pension funds for non-elective officials, a Fire and Police Fund with about $2 billion in assets and a fund for other employees (ERS) with about $1.3 billion. Until three years ago, the Boards of the two funds met together and maintained a common investment policy, one element of which […]
As Maryland moves toward the 21st century, an expanding population demands ever better services and ever more schools – without more taxes. How to pull it off? The answer is for local governments to pay less for services, leaving funds available for purchasing additional services in other areas. The easiest means of doing this is to subject service providers to the rigors of the market by making them compete with each other.