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GIGO. It explains so many issues in life. Actuaries can only make assumptions (educated assumptions, but assumptions none the less) based on the data they are given. Bad data, bad assumptions. Garten and Delaney should perhaps learn a bit more about the process, rather than just condemn the outcome. Maybe they could take a class on how actuaries do their jobs, and the need for clean, accurate data. I’m pretty sure Butler’s Insurance Program could help, or Indiana State’s, or IU’s if it still exists. Southern Illinois has a great program. You know, while we’re annexing their 33 financially blighted counties…
I know, maybe we should start putting all our legislators, governorns, LT governors, and department heads through orientation college classes that would teach them something about the issues they’ll face, instead of just assuming they picked it up in their “life lessons”.
The first class should be a civics lesson and then maybe constitutional law.
A good follow-up report would help us understand just what “bad data” was used, how it affected the forecast, and how Milliman found out it was “bad” (aside from the 1B shortfall). Would be good to know if the “bad data” has been fixed (if that was the problem) and, if so, whether Deloitte has a way of addressing that issue. Otherwise, there might be a risk of continued bad forecasts.
Finally, the expenses were there. Nothing “extra” was spent. No actual waste of taxpayer’s dollars (depending, of course, on one’s view of government purpose). Just a lot of pain!
“the public may never know what exactly happened to allow this egregious error”. I think Delaney is counting on that because it sounds like the firm was feed some pie in the sky forecasting data.
Wait! It took this long to dump them?!?
Sorry, I just read the full article.
“the public may never know what exactly happened to allow this egregious error”. I think Delaney is counting on that because it sounds like the firm was feed some pie in the sky forecasting data. Kind along the lines that “tariffs will be good for everybody”