SPENDING PENSION FUNDS - BAD IDEA

SPENDING PENSION FUNDS – BAD IDEA

Stewart A. Alexander
2006 Candidate
California Lieutenant Governor
Peace and Freedom Party

California State Treasurer, Phil Angelides, wants to spend $15 billion from two of California’s largest pension funds to repair the state’s infrastructure; but Stewart Alexander, Candidate for California Lieutenant Governor, says he thinks it’s a bad idea.

Angelides, a candidate for governor and a land developer, wants to invest 5 percent, or $15 billion, of the California Public Employees’ Retirement System and the California State Teachers’ Retirement System, to build toll roads, bridges and other urban projects.

Alexander says, “It appears that Angelides has been spending too much time with Governor Schwarzenegger brainstorming ideas; this is an idea I would expect to hear from the governor.”

Alexander objects to spending the investments and retirements of working class people on these infrastructure projects; he believes other options must be explored to finance these projects. He is proposing a stiff tax on oil company revenues to help build roads, bridges and other infrastructure projects. Alexander says, “It’s time that the oil companies stop getting a free ride at the expense of Californians.” Alexander recently made statements regarding state and federal controls on the pricing of gasoline.

Alexander also accused Angelides, Schwarzenegger and Westly of supporting a criminal justice system that is wasting billions on capital punishment, Three Strikes enforcement, building prisons and courts. Alexander says, “I don’t think we should spend the retirement income of working class people to subsidize wasteful spending on a broken-down criminal justice system. Also, these public pension funds must not follow the same path as Social Security, using these investments as a funding source to cover government cost unless it’s with the consent of all those that have invested in these funds.”

The June 6 Primary Election is less than two months away and public confidence in the three top choices for governor continues to rate low. The messages they are delivering are failing to reach Californians. Alexander says, “Their message is similar, so are their parties.”

For more information, search the web for, Stewart A. Alexander, Candidate for California Lieutenant Governor, Peace and Freedom Party.

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