Paradox of California progressivism: every time the city and state agree to give public sector workers better benefits, comp that aren’t adequately budgeted upfront, their pensions have to put more capital into tech, private equity and venture capital. https://www.wsj.com/amp/articles/calpers-wants-to-double-down-on-private-equity-11552834800 …
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Paradox of SF progressivism: SF relies on business HQs to locate there to generate business tax revenue to offset pension contributions so it doesn’t spend 20% of its general fund on retirements for people who no longer work there like Oakland, San Jose: https://twitter.com/daguilarcanabal/status/1130644083087536128?s=21 …
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