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Girard Miller

Girard Miller

Finance Columnist

Girard Miller is the finance columnist for Governing. He is a retired investment and public finance professional and the author of Enlightened Public Finance (2019).  Miller brings 30 years of experience in public finance and investments as a former GASB board member and ICMA Retirement Corp. president.

He can be reached at millergirard@yahoo.com. 

The,Dematerialization,Of,Money,,Dollars,Are,Dematerialized,On,A,Black
The Future of Finance
Lessons for Us All from California’s Evaporating Billions
Rising interest rates have triggered substantial market losses from Golden State treasurers’ untimely investments of idle cash. It’s time for reforms wherever similar portfolios are now bleeding red ink.
OPINION | May 24, 2022
 · Girard Miller
Adelaide,,Australia,-,September,23,,2013:,Apple,Store,In,Adelaide,
The Future of Finance
Public Pensions’ New Quandary: Coping With Geopolitical Turmoil
If autocracy is moving the world toward deglobalization, geopolitical investment principles should complement environmental, social and governance factors. There’s a lot for pension boards and investment managers to keep in mind.
OPINION | May 10, 2022
 · Girard Miller
Money,On,Chess,Board,Isolated,On,White,Background
The Future of Finance
For Public Cash Managers, Rewards — and Risks — in a Fast-Changing Landscape
With the Federal Reserve raising interest rates, the yields on money market funds, state investment pools and bank accounts lag the payouts on safe securities. Staff needs to do its upside/downside homework.
OPINION | April 26, 2022
 · Girard Miller
gmiller-inflation-wages-charlotte.jpg
The Future of Finance
The Public-Sector Bargaining Table’s New Inflation-Driven Landscape
Government workers are going to press for wage increases that — at a minimum — catch them up to rising prices. Budgeters and labor negotiators need to be careful not to lock in terms that put them in a fiscal squeeze in the future.
OPINION | April 12, 2022
 · Girard Miller
WORLD-NEWS-UKRAINE-US-REFUGEES-GET
The Future of Finance
America Needs to Welcome Far More Ukrainian Refugees. Fiscal Federalism Can Pay for It.
The White House has taken the first step. It’s time for our governments at every level to underwrite a public-private “solidarity bridge” to host many more: up to a million refugees and wartime orphans.
OPINION | March 29, 2022
 · Girard Miller
Sen.-Paul-Sarlo-Sept.-8-2020.jpg
The Future of Finance
The Smart Way for Public Pensions to Divest from Russia
Many want to sanction Putin and Co. at every turn, but it’s a mistake to move too quickly. Pension funds actually don’t hold that much in Russian assets, and they're sitting ducks for crafty, amoral traders.
OPINION | March 15, 2022
 · Girard Miller
Poker,Chips,And,Aces,On,The,Laptop,-,Online,Casino
The Future of Finance
The Online Gambling Gusher and How to Tax It
Legalized online wagering is already hauling in substantial state revenue, but additional taxation will need a uniform, multistate approach that might also take in “gamified” financial trading. And it’s time to do a better accounting of the growing social costs.
OPINION | March 1, 2022
 · Girard Miller
US-NEWS-CUYAHOGA-COUNTY-HOME-SALES-PRICES-1-PLD.jpg
The Future of Finance
The Fed Is ‘Normalizing.’ Here’s What Public Financiers Need to Know.
To combat inflation, the central bank will be raising interest rates and shedding a big chunk of its $8 trillion bond portfolio. Its actions will ripple through the world of state and local finance.
OPINION | Feb. 15, 2022
 · Girard Miller
Aerial,View,Of,Modern,Suburban,Neighborhood,In,Los,Angeles,California.
The Future of Finance
The Impulse to Rethink the Unloved Property Tax
Progressives dislike its regressivity, but states and localities depend heavily on the revenue. Some reformers’ eyes are on taxing luxuries and digital intangibles — NFTs, anyone? — but that presents its own problems.
OPINION | Feb. 1, 2022
 · Girard Miller
Ostrich,Burying,Head,In,The,Sand,,Tsavo,East,National,Park,
The Future of Finance
Will the OPEB Ostriches Ever Run Out of Excuses?
Many years ago, public financiers woke up to the problem of funding “other post-retirement benefits,” but then some of them went back to sleep. Younger public employees should demand an actuarial wake-up call.
OPINION | Jan. 18, 2022
 · Girard Miller
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