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Article: Statehouse Beat: Income tax cuts reduce revenue

Charleston Gazette-Mail

By Phil Kabler

…Speaking of fiscal responsibility, state Investment Management Board Executive Director Craig Slaughter reminded me that it was 25 years ago last fall that voters approved the Modern Investment Management amendment to the state constitution, giving the investment board authority to invest in stocks and what prior law referred to as “other risky investments.” (Seems like yesterday.)

Slaughter commissioned a study to compare the actual value of state pension funds as of September to what the value of those funds would be if the investment board had remained limited to investing in bonds for the past 25 years, calculating growth in the bond funds using the Bloomberg Barclay’s Capital Aggregate bond index.

The findings were striking…

For the full article, click here.