As last year, the masters of this site have granted me a one-month (July) hiatus. (It’s called the Liberty Fund for more than one good reason.) I’ll submit a few pieces from my magical vacation island. In addition, my friend Tom Christina (who stood in for me last year) has graciously promised at least two posts during my absence this year.  One of them will involve public spending, imputed income, and “the war against austerity.”

For those who cannot wait until July, Tom has a thought-provoking piece in the May 13, 2013 issue of Pensions & Investments, accessible here.  It involves “pension leakage” from 401(k) account. Employer liability for said leakage may prove another trial lawyer bonanza.