Contrary to What the NYT Asserts, Not All Economists Believe that Pension Funds Assume Too High a Rate of Return

The NYT, which has repeatedly printed news stories implying that public pensions are hugely underfunded, wrongly implied that economists all agree that public pensions have overly optimistic return assumptions for their pension funds. This is not true. In fact, most pensions are now making assumptions that are completely consistent with the expected return on their assets based on widely accepted projections for the growth of the economy and the growth of profits.

In fact, it is almost...