Putting More Pressure on Taxpayers and Retirees
Governor Gavin Newsom is playing three card monty with our state’s pension funds. You remember? The ones that were in terrible shape before any of this experimentation?
The SacBee reported that Governor Newsom is going to include pension funds into a green scheme. The effort will withhold funds from some major transportation projects as well as redirect investment. All of this is a losing proposition. The new investment will bring back a lower return, requiring more worker contribution or tax dollars. Furthermore, switching where transport dollars go will likely lead to fewer, yet more expensive projects.
What could go wrong? The Governor thinks that all of this could go over the head of pensioners and taxpayers. Hopefully, we can prove him wrong.
Risky Scheme on Top of One of the Worst Systems in the Nation
As if things weren’t bad enough, the Governor is playing poker with our saved up retirement costs. And California has a terrible reputation for such things, anyhow. There are thousands of cases of bloated retirement packages, and state employees retiring years early. Furthermore, the state never properly financed such systems, despite how much it taxes. There’s a lesson in here somewhere, if any of the people in Sacramento were listening. The Golden State is one of the most at-risk pension systems in the nation, the Orange County Register reported.
Furthermore, the California Public Employees’ Retirement System (CalPERS) and California State Teachers’ Retirement System (CalSTRS) each don’t earn nearly what they should anyway. This is terrible news for retirees. It’s even worse for people planning to retire anytime soon. And perhaps it is worst for the taxpayers of the state. Public unions squeezed us for years. This is the result. None of it bodes well for the state’s future. Unfortunately, our governor choose to gamble our futures even more.