South Carolina still runs on its 1895 constitution. Guess what? It doesn’t work.
One day this June, a group of state agency managers came to Governor Mark Sanford with a pitch. They wanted to raise the projected growth rate for the for state retirement fund's investments from 7.25 percent to 8 percent. That would free up significantly more money for state spending.
Sanford hated the idea. Given that the system currently has only about 70 percent of the money it needs to pay retirees, he thought investment policies ought to be more conservative, not more daring. And given the turbulent economy, what reason was there to be optimistic about investments anyway?
In many states, there wouldn't have been much more to it. The governor would have prevailed. Mark Sanford, however, has the bad luck to be the governor of South Carolina. Read more...
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