Yale professor Jeffrey Sonnenfeld and his merry band of researchers have discovered that Connecticut’s pension funds “have one of the worst investment track records of any state in the nation with long-term, chronic investment underperformance.” How bad is it? Sonnefeld writes, “With $40 billion in assets — largely the pooled retirement savings of the state’s hardworking teachers, firefighters and public employees — if Connecticut’s investments had yielded just the median returns of all 50 states, the past five years, we would have had $5 billion more and be able to cut taxes by 50 percent instead of 0.5 percent. Connecticut would have reaped a whopping $27 billion more over the last decade — practically enough to fully fund Connecticut’s pension obligations while simultaneously dramatically reducing taxes.” A $27 billion loss of returns is not insignificant. Yet, to judge from the shallow reporting on the loss, one would think that the startling ...
go home from us in peace. We seek not your counsel or your arms. Crouch down and lick the hand that feeds you;
may your chains set lightly upon you, and may posterity forget that ye were our countrymen!"
--Samuel Adams