A-AS Chimes In with Editorial about Perry's Gamble with Texas Teacher's Retirement FundsSomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


 

A-AS Chimes In with Editorial about Perry's Gamble with Texas Teacher's Retirement Funds
 


17 November 2006 at 5:06:30 PM
salon

Wrote it about it earlier here.

Perry shouldn\'t gamble with teachers\' retirement money

The Teacher Retirement System should back away from a suggestion that it invest up to $600 million of its pension fund in business projects initially funded by the new Texas Emerging Technology Fund. Any potential gain wouldn\'t solve the fund\'s long-range shortfall, but a loss could make it worse.

The suggestion, as reported this week by the American-Statesman\'s Robert Elder, comes from an influential figure — Gov. Rick Perry, who appointed a majority of the system\'s trustees. Nevertheless, the trustees\' first obligation is not to the governor but to the teachers who depend on the $100 billion fund for their pensions.

Well, some foolish people voted for Perry..... still don\'t know why. The rest of us got him by default even though not many Texans overall even wanted him.

The trustees\' action is especially important because the governor\'s office has indicated that it might wish to tap even more money from other state investment funds. ...

But we think the governor is going too far in asking the teachers pension fund to fork over up to $600 million for these projects. They are high-risk investments — otherwise, the private sector would invest its own money in them. We don\'t see why the teachers should see the state bet even a small portion of their pension fund on these ventures, either.

If the governor wants to pursue the $600 million funding, let him go to the Legislature and ask for tax dollars to do it, and let lawmakers justify to their constituents the use of tax money on such a scale as an investment fund. A truly conservative Legislature would put more money into the teacher retirement fund, not tap the fund for investment money that the private sector won\'t risk, or duck direct accountability to voters for investing tax dollars in business ventures that might flop.


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