Running exactly in place against our unfunded pension obligations. (No, seriously, this is why SF doesn’t have to cannibalize as much of its existing services as other California city governments.)https://twitter.com/mr_james_c/status/1106244137765031937 …
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Replying to @kimmaicutler
Irresponsible promises made by municipalities for pensions v Pension funds allocate more to VC v Tech companies raise more VC v Tech employees exit big v Govt collects taxes v Irresponsible promises made by municipalities for pensionspic.twitter.com/5NC2snPFWm
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Replying to @kimmaicutler
BTW, if it wasn't for irresponsible unfundable promises by politicians for pension returns, there would be substantially less allocated to VC. True story.
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Replying to @mr_james_c
I actually don’t know about that. We’ve been lowering the expected rate of return ever so slightly.
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It’s more that mayors wake up and they’re like Holy F— we’re gonna be running close to $1B deficits every year in 10 years, and then they cut a deal w Google for office space to stabilize their future tax revenues, which screws tenants but keeps the city solvent & retirees paid.
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