Business Insider journalist John Ellis summarizes Bill Gates' remarks at the TED conference on March 3, 2011 about public pension plans. Apparently, the founder of Microsoft is concerned that ailing state budgets will impair their ability to fund public education. His take on mounting IOUs is that much more needs to be done to structurally address the issues instead of "building budgets on tricks - selling off assets, creative accounting and fictions, like assuming that pension fund investments will produce much higher gains than anyone should reasonably expect."
Note to Readers:
- Click to read "Bill Gates Addresses The 'Completely Unsustainable' Crisis In Public Pensions" by John Ellis, Business Insider, March 3, 2011.
- Click to access "The Gates Notes: Special Edition" for TED 2011.