CalSTRS moves to increase your taxes

Jan. 10, 2013

lockyerBy John Seiler

The California State Teachers Retirement System just moved to increase your taxes. They didn’t do so directly, but that will be the result. Because when CalSTRS investments don’t grow fast enough, by law taxpayers are on the hook to make up the difference. Already, taxpayers pay about $6 billion a year to make up for the bad performance of CalSTRS and CalPERS, the California Public Employees Retirement System.

Here’s what CalSTRS just did:

“SACRAMENTO — Acting on a request from the state treasurer, the board of the state teachers pension fund has begun the process of selling its holdings in some gun and ammunition-clip manufacturers.

“Treasurer Bill Lockyer‘s motion was approved unanimously Wednesday by the Investment Committee of the $154-billion California State Teachers’ Retirement System.

“Lockyer brought the issue to the board in response to December’s mass shooting of 20 students and six adults at Sandy Hook Elementary School in Newton, Conn.”

Of course, Lockyer and other anti-gun extremists don’t take into account how every year hundreds of thousands of Americans defend themselves with guns, such as the mother of two whose story I linked to the other day. And Lockyer himself is hypocritical because he works in an office building with armed guards. If he’s threatened, the State Police will guard his home. But for the rest of us, we’re on our own — and if he had his wish, we’d be unable to defend ourselves against robbers, rapists and murderers.

Any government employee retirement system should have one goal: To make as much money from its portfolio as legally possible so taxpayers don’t have to make up for shortfalls. Any legal investment that performs well should be included in the portfolio. Guns are legal. So if gun stocks perform well, they should be included.

Anything else is just an inevitable, hidden tax increase and a posturing, ideological sham.

Lockyer is term-limited as treasurer, was term-limited as a state legislator and attorney general, and now is running for his next office, probably secretary of state. He’s not even a governor or legislator and he’s raising your taxes!

6 comments

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  1. Hondo
    Hondo 10 January, 2013, 08:54

    I imagine they own Apple which uses Chinese slave labor to build you Iphone and I pad and Mac.
    The hypocracy of these people is off the scale.
    Hondo…

    Reply this comment
  2. us citizen
    us citizen 10 January, 2013, 11:42

    I wish I had a job where I worked 9 months out of the year, had health insurance, and tenure on top of it, got a pension for life…………and someone else paid for it all…….who doesnt get any of this.

    Reply this comment
  3. Rex the Wonder Dog!
    Rex the Wonder Dog! 10 January, 2013, 17:55

    I wish I had a job where I worked 9 months out of the year, had health insurance, and tenure on top of it, got a pension for life…………and someone else paid for it all…….who doesnt get any of this.
    ==
    As a licensed teacher- it was a GREAT job.

    Reply this comment
  4. SeeSaw
    SeeSaw 10 January, 2013, 23:45

    You paid for public services uscitizen–once the receiver has your fees, its his to spend however he wishes; if he makes payments to a pension with the money you paid for his services, he paid for the pension–not you! Who paid for your pension, uscitizen? Those public employees who bought your products?

    Reply this comment
  5. Ftheunions
    Ftheunions 11 January, 2013, 21:09

    Seesaw,
    You don’t see what everybody else sees. Public employees are a burden! Their pensions and healthcare are guaranteed. The taxpayers are captive and have no viable options! Your deep love for some of these sloths is regrettable.

    Reply this comment
  6. Marten Purdy
    Marten Purdy 12 January, 2013, 10:16

    Middle-class American:
    “Actually, the reason they’re angry is because it’s becoming harder and harder to gain wealth through hard work. In the past 10 years, wages for jobs involving hard work have been stagnant, while shuffling money and securities around has become incredibly profitable. Rather than working hard, a much more effective way to become wealthy these days is by defrauding people through bogus companies like ENRON, or by bundling sub-prime mortgages into credit derivatives and short-selling them on the NY stock exchange. In these ways, you can absorb the retirement savings of people who have worked hard for their whole lives without doing anything of value to society yourself. Meanwhile, millions of mis-informed Americans whose retirement savings you took will actually refer to you as a “job creator”.”

    Reply this comment

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