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Rauh ˈrɒ Economist²⁹⁹⁰¹⁺⁴ 基本例句 n.劳¹⁰⁰ Mr Rauh calculates that seven states will have exhausted their pension assets by 2020— even if they make a return of8%, a common assumption that looks wildly optimistic. Rauh预计,即使按照过于乐观的8%的回报率来算,在2020年之前还是会有七个州会将退休基金资产耗尽; ecocn That is why the government- bond yield is the appropriate measure for discounting public liabilities, as Messrs Rauh and Novy- Marx assert. 就像劳先生和诺维-马克思先生说的那样,拿政府债券的收益率作为公共负债的折现率是合情合理的。 renren But economists such as Joshua Rauh of Northwestern University in Illinois argue that a pension promise is a senior debt. 但是像伊利诺伊西北大学的经济学家 JOSHUA认为养老金的福利支出是优先债务。 ecocn Joshua Rauh, of the Kellogg School of Management at Northwestern University, reckons that seven American states will have exhausted their pension assets by 2020. 西北大学凯洛格商学院的 Joshua Rauh认为到2020年全美将有7个州的退休金计划破产。 ecocn Mr Rauh reckons that the deficit is now$4.4 trillion. 劳赫估计赤字现在已经达到4.4万亿美元。 yeeyan Mr Rauh says bond holders should worry because several state constitutions, including those of Illinois and New York, make state pensions senior to bond debt. 拉夫说,债权人应该感到担忧,因为包括伊利诺伊和纽约在内的很多州,有关养老金的法律将政府推向了负债累累的困境。 ecocn Research recently by Mr Kaplan and Mr Rauh of the University of Chicago showed that in 2004 nine times as many Wall Street executives earned over$100m as did chief executives of public companies. 芝加哥大学的 Kaplan和 Rauh两位先生最近的研究显示,2004年,年薪超过1亿美元高管中,华尔街主管的人数是上市公司首席执行官的9倍。 ecocn Using Treasury bond yields as the basis for discounting, Mr Rauh and Mr Novy-Marx calculate that states’ pension liabilities are as much as $5.3 trillion. 把每一份退休金看作政府欠雇员的一份债务不失为计算未来负债的一种更为稳妥的办法。这样折算率就是国家的借款成本,也就是市政债券的收益率。 ecocn Whether you think this is a problem depends on whether you agree with Kaplan and Rauh's assessment of the forces behind rising Wall Street pay. 你是否认为这是一个问题,取决于你是否同意卡普兰和劳对正在增长的华尔街薪酬背后的力量的评估。 suiniyi |