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The Three Scrooges Lawmakers are lining up to play Ebenezer Scrooge in the season’s production of “A Christmas Carol.” The backdrop for this year’s production is energy and the key players trying for the lead role are the EPA (Environmental Protection Agency), the Department of Energy, and Congress. They are each doing their best to stifle energy development thereby keeping gas prices high and curtailing job growth. Massive new reserves of gas and oil are being discovered all over the United States and the Western Hemisphere. We know about the oil and gas reserves in the Gulf of Mexico and Alaska. Now we are finding vast new reserves of oil and gas in, of all places, South Dakota, Ohio, Pennsylvania and New York. Economists and oil analysts have estimated that we could soon supply all of our natural gas domestic needs for the next century. We could also supply half of our own petroleum needs. We currently import nine million barrels of petroleum. Analysts predict that recent oil discoveries would enable us to cut that in half. Economists say this could add nearly $1 trillion in Federal revenue. Then there would be jobs. Some estimate as many as 1.5 million new jobs would be created. . . . more Pension Buyouts: What Can We Learn From the UK Experience? Over the past half century, employer-sponsored defined benefit (DB) pensions have been crucial sources of retirement income and security. However, the popularity of DB pensions in the private sector has dwindled, and competitive pressures may drive DB plans from the private sector altogether. Significantly, this burden is not only a US phenomenon, as UK private plan sponsors are also struggling to manage their DB pension commitments. Nonetheless, a fundamental difference of opinion exists between UK and US policymakers about how to address the decline of the DB system . . . more Who Is Really Playing Politics with Pensions? Legislation is being floated in Albany under the guise of ending politics in pensions. Stan Winter, President of the Retired Public Employees Association (RPEA), points out that the action proposed will have the absolute reverse effect and threatens the long-term stability of the system . . . more Click here to view more Reports & Studies Click here to view more Perspective Pieces Would you like to submit an article to be published on Public Pensions Online? If so, let us know!

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