As investments go, gun manufacturers are a pretty good one. Teachers’ unions are a really bad one. But New York and California teachers’ unions which are funded by stealing from taxpayers, many of them gun owners, are using that stolen money to divest from gun manufacturers, even though this moves their larcenous pension funds closer to the brink of collapse, requiring further taxpayer bailouts.
CalPERS, the California public employees pension fund, dug itself into a deep hole with “socially responsible investing“. Those decisions cost the fund billions of dollars and CalPERS is now bankrupting entire California municipalities because of its own corruption and incompetence. Now that it is choosing to divest from the profitable firearms industries, more homeowners will be squeezed out by its corrupt leftist overlords.
But like the rest of the larcenous left, CalPERS doesn’t care. It believes that it can keep off ripping the public forever, even as it is driving entire cities into bankruptcy, and then using that money to enforce its own social policies.
CalPERS lost nearly a quarter of its value at the end of the last decade after making several high-risk investments while selling off good ones.
CalSTRS has 65 billion in unfunded liabilities. (And even that is probably with a series of funding gimmicks.) While CalSTRS parasites are whining that their retirement age has been pushed back to… 62. The actual hardworking people funding them would love to retire at 62. Meanwhile there are 5,259 CalSTRS’ parasites receiving pensions of over $100,000 a year.
In the face of all that, CalSTRS has the incredible chutzpah to dump profitable investments for political reasons, leaving taxpayers even further on the hook for their ridiculously generous 62 retirements and $100,000 pensions.
To understand the full level of irresponsibility in California’s state government, read the following.
California State Treasurer Bill Lockyer is also pressing the biggest U.S. fund, the $254 billion California Public Employees’ Retirement System, to shed its $5 million of exposure to firearms manufacturers.
A Treasurer is supposed to protect state finances. In California however a State Treasurer promotes political correctness by further undermining the finances of the biggest drain on the state.
The whole problem here is that public pension funds can keep ripping off the taxpayer endlessly while playing their politically correct games. If teachers’ unions can divest from gun manufacturers, tax payers should be able to divest from teachers’ unions.