How Social Justice Warriors Are Ruining America’s Pension System
This is what happens when you put the mentally ill, incompetents, and brainwashed religious fanatics in charge of important things:
But before you plan a party for the public pensioners and their growing piggybanks, note one thing: Public pensions are still in trouble overall. To make matters worse, some Social Justice Warrior type pension fund trustees are risking suboptimal returns by prioritizing political agendas over dollars and cents. If the economy falters even a little, that means your wallet will be raided if you live in a blue state where said Warriors are suiting up for battle.
Blue State liberals are determined to make it all worse than needs be. New York City Public Advocate Letitia James has been calling for JP Morgan to sever financial ties with some private prison companies, because she doesn’t approve of how they make their money. And she’s threatening to use the City pension fund’s investments with JP Morgan to force them into severing those ties. That’s a purely-politically-motivated investment decision that could well impact the financial health of the city pension fund, meaning more taxpayer money having to prop it up, all because James thinks her political views are more important than profit assessments made by Jamie Dimon’s employees. James seems to have forgotten she has a legal duty to deliver the best financial results for the fund.
More usually, the focus of these public pension divestment campaigns is fossil fuels, though.
Out in Minneapolis, the City Council “asked city staff to explore ending the city’s relationship with Wells Fargo because of the bank’s investment in the Dakota Access pipeline.” California legislat
ors are also mulling forcing divestment from firms involved with the Dakota Access Pipeline, at the same time they are being dinged for forcing CALPERS and the teachers’ fund to divest from coal stocks — just before a rebound in those stocks occurred. According to the LA Daily News, “CalPERS’ divestments cost it approximately $8 billion over a 15-year period, according to an October 2015 report from Wilshire Associates, CalPERS’ main investment consultant.”