“Public employee unions strongly value pensions as necessary for a good middle-class lifestyle. And yet, their pension funds are investing in Uber and Lyft, which don’t provide that for their workers.”https://twitter.com/CalMatters/status/1130874831686184960 …
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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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Kim-Mai Cutler Retweeted
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 …
Kim-Mai Cutler added,
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Replying to @peterpedroson @daguilarcanabal
Maybe start here? http://civilgrandjury.sfgov.org/2016_2017/2016_17_CGJ_Final_Report_The_SF_Retirement_System.pdf …
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Basically, people are living longer, Gray Davis made a dumb decision in 1999 with SB 400, rates of return are lower than originally expected and California Rule. SF does not have it as bad as the rest of the Bay Area bc it’s a city/county and has business HQs as a rev source
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