News Story of the Day: for years, libertarian economists have been warning about the inevitable collapse of the state public pension system. Despite the calls for action, the governments ignored the problem and maintained the status quo. Now it is getting worse as a result.
A new study by the Pew Charitable Trusts suggests that the U.S. state public pension systems unfunded liabilities surged 17 percent in fiscal 2015 to $1.1 trillion. This is because investment returns did not meet expectations.
Interestingly enough, even if the investments performed well, the state and local governments failed to set aside enough money in 2015 to cover the principal on the pension debt.
Chart of the Day: to say the media hate President Donald Trump would be an understatement. A new study conducted by Newsbusters has found that a majority of the statements made by the media regarding the president over the last 100 days have been overwhelmingly negative. Here is the chart:
Illustration of the Day: whenever you see leftists protest, whether it’s for the planet or for pussy hats, they always leave a mess behind. To commemorate Earth Day, here is a funny meme from 2012:
Quote of the Day: Earth Day is here, and this means that you will come across numerous doom and gloom predictions about the planet. Of course, like previous years, the prognostications will turn out to be incorrect. Mark Perry of the American Enterprise Institute (AEI) had an interesting conclusion in his piece that looked at the false predictions over the years.
Finally, think about this question, posed by Ronald Bailey in 2000: What will Earth look like when Earth Day 60 rolls around in 2030? Bailey predicts a much cleaner, and much richer future world, with less hunger and malnutrition, less poverty, and longer life expectancy, and with lower mineral and metal prices. But he makes one final prediction about Earth Day 2030: “There will be a disproportionately influential group of doomsters predicting that the future–and the present–never looked so bleak.” In other words, the hype, hysteria and spectacularly wrong apocalyptic predictions will continue, promoted by the “environmental grievance hustlers.”
Tweet of the Day: according to the likes of Bernie Sanders, other people are not allowed to have more than what they need. That is, unless they are socialists or come from the same line of thinking as Sanders himself. He tweeted – and then deleted – asking how many yachts do people need. This comes from a guy who has three homes.
Bernie “3 houses” Sanders deleted this, wonder why…. pic.twitter.com/q0KgDOFHu8
— Ben McDonald (@Bmac0507) April 21, 2017
Video of the Day: if you haven’t heard about Moldylocks then the video provides a great account of how the fake news media is completely misrepresenting the story. Essentially, she was the instigator but she is being identified as a victim.