On Public Pensions, NYT Continues to Rely Exclusively on Those Who Were Wrong

In the 90s, and in the years of the last decade before the housing crash, most economists and pension managers who made projections of stock market returns were making absurdly optimistic assumptions. Because price to earnings ratios in the stock market were well above their historic average it would be impossible for it to give its historic rate of return. This was simple arithmetic, which some of us tried to point out at the time.

Now that the market has plunged, it will be possible for it...