Democrats and DEI types destroy everything they touch

Ahh, I see you don't believe that.  I get it.  Well, read on:

California’s main state retirement fund is called "CalPERS," and it just hired a new exec to head its office of "diversity, equity, and inclusion."

The "official" duties of that wallah include "integrating DEI principles into investment practices, and recruiting staff for DEI-informed proxy voting and ESG investing…"

Got it?

And like all DEI bureaucrats, with such grueling duties she'll be VERY well paid: $221,580.  (And of course you already guessed it would be a female.)

The job was given to Shari Slate.  Not surprisingly, neither the CalPERS news release nor Slate's Linkedin profile say she has any experience in the finance industry.  This is no surprise, since the this position doesn't require expertise in finance or evaluating a company's prospects for profitability, but simply deciding whether a company the finance experts suggest investing in checks all the DEI boxes.

Where moonbats rule, the issue is never the issue; the issue is always moonbattery.

CalPERS’ job posting for the position says responsibilities include “collaborating with investment groups to integrate DEI into financial decision-making, advocating for equity-driven investment strategies, and ensuring that CalPERS’ investment portfolio reflects its commitment to sustainability, social responsibility, and equitable outcomes.”

Wow.

So the objective is to use retirement funds as a weapon to force companies to adopt DEI policies.

And following DEI principles CalPERS has invested almost half a BILLION dollars in a category they call "clean energy and technology."  Cuz dat soun' reeel socially responsible," eh?  So how's that been working out, eh?

Last year sleuths found CalPERS had lost 71% of the $468 million it put into that fund.

"Eh, deez jus' nummers, citizen.  Dey don' mean nuffin'!  In fack, all maff beez raaaacis!"

But that's just the tip of the iceberg.  The real figure is a LOT worse:  See, there are people called "actuaries" who predict how long people will live.  Then others take your number of employees, their promised pension amounts and lifespan, and tell you how much the state's retirement system needs to invest to have enough money to cover the calculated cost of all public pensions you've promised.

Last month the Reason Foundation found that CalPERS is a bit short: $166 BILLION.

Unless you're in the biz, you have no idea what this means.

See, no politician will cut the pensions of retired state employees.  So they can either raise taxes, or borrow more money.  It's almost always the second option.  The bonds pile up, burdening the future, but almost no one pushes back because the kids of the future haven't been born yet so obviously can't object, eh?  And voters now alive don't think about the future burden, cuz it's no problem to THEM, eh?

Happens every time, going back millenia.  And it works...every time.  Until it doesn't.

Democrats:  "Whut??  Dat crazy!  It's always worked!  So it always will.  Has to.  Simple logic, deplorable!"

So as the state gets further buried by the cost of servicing its massive debt, the state will have to pay higher interest on its bonds.  Debt service costs will rise even more.

Can anyone predict how that ends?

Source.

https://moonbattery.com/dei-applied-to-retirement-fund-in-california/#disqus_thread