There are many lessons to be learned in the International Monetary Fund report claiming China's economy has surpassed that of the United States. First, not every number is to be believed. Second, not all numbers were considered.
Much of the world continues to gain greater levels of economic freedom, according to a new report by the Canada-based Fraser Institute ranking more than 150 countries on everything from personal choice to security of private property. Research and studies show the trend should bring more prosperity, longer life spans, and more political freedom as well. But the news is less rosy for the United States — once the most economically free nation on the planet — as the policies of successive congresses and presidential administrations caused a steep decline in the U.S. position on the important index in recent years.
By ignoring basic investment rules, public pension managers have virtually guaranteed that these pension plans will not keep their promises.