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California Faces Death By Pension
Steven Greenhut, Sept. 2014 Issue, The American Spectator
When the November election was still a long way off, Sacramento-area streets were already plastered with campaign signs for a little-noticed political race: candidates are running to serve on the board of the California Public Employees’ Retirement System, better known as CalPERS. While not as high-profile as the statewide and congressional races, these seats are arguably of equal importance to Golden State taxpayers. CalPERS, the largest state pension fund in the country, not only manages more than $257 billion in assets, but also loves to use its political muscle to prod corporate America into “socially responsible” (read: leftist-friendly) investing.
Sacramento, as the state capital, is Public Employee Central, so the race has become heated and costly. The campaign signs that caught my eye promised “pension security” and were paid for by the Service Employees International Union. This election is a touchstone for the entire pension issue in California—and, per usual, it doesn’t look good for the taxpayer.
Read more: www.spectator.org
When the November election was still a long way off, Sacramento-area streets were already plastered with campaign signs for a little-noticed political race: candidates are running to serve on the board of the California Public Employees’ Retirement System, better known as CalPERS. While not as high-profile as the statewide and congressional races, these seats are arguably of equal importance to Golden State taxpayers. CalPERS, the largest state pension fund in the country, not only manages more than $257 billion in assets, but also loves to use its political muscle to prod corporate America into “socially responsible” (read: leftist-friendly) investing.
Sacramento, as the state capital, is Public Employee Central, so the race has become heated and costly. The campaign signs that caught my eye promised “pension security” and were paid for by the Service Employees International Union. This election is a touchstone for the entire pension issue in California—and, per usual, it doesn’t look good for the taxpayer.
Read more: www.spectator.org
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