"So we're counting the interest on money we spent and will need to borrow with interest."
Some government accounting practices would make Kenneth Lay blush: Here is a nice one: http://www.nytimes.com/2010/06/12/nyregion/12pension.html ALBANY Gov. David A. Paterson and legislative leaders have tentatively agreed to allow the state and municipalities to borrow nearly $6 billion to help them make their required annual payments to the state pension fund. And, in classic budgetary sleight-of-hand, they will borrow the money to make the payments to the pension fund from the same pension fund. Later on in the article: Another oddity of the plan is that the pension fund, which assumes its assets will earn 8 percent a year, would accept interest payments from the state that would probably be 4.5 percent to 5.5 percent. So, the bureaucrats expect an 8% annual return (talking about optimistic), but are only going to pay up to 5.5% interest on the loan. They are cheating the pensioners out of 2.5% to 3.5%. And some wonder why others don't trust politicians and bureaucrats. J - It has been said that politics is the second oldest profession. I have learned that it bears a striking resemblance to the first. - Ronald Reagan ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:333889 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
