Let me begin with a quote from the article:
“A lot of the fund’s companies went bankrupt after the trucking industry was deregulated in the 1980s. That’s part of the reason the fund is in trouble now. It’s currently paying out $3 for every $1 it takes in.”
I can’t help but wonder how many of the pensioners vote for candidates that want “less government,” are harmed in this case of less government, and then ask for more government in the form of bailouts from the big bad government? Could this be yet another example of privatizing profits (whoever at the top made money from trucking industry deregulation) and socializing costs (asking the government to bail out under funded pension plans that became under funded after deregulation )?
I sure hope CalPERS is doing okay…