Shmuckonomics

Schmuckonomics: NJ Wants to Fund Roads With BS Bonds

New Jersey lawmakers want to have the pension fund buy bonds from the state, the income from which they will use to build up a fund to fix transportation infrastructure.

Translation: They’re going to borrow from themselves to fund themselves by paying themselves with money they don’t have.

Source: New Jersey Wants to Fund Roads by Selling Debt to Its Pensions – Bloomberg

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