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Hands off CalPERS!
| Saturday, Oct 11 2008 4:49 PM
Last Updated: Saturday, Oct 11 2008 4:53 PM
Any charm Sen. Dean Florez held for this Shafter-raised Democrat was wiped away with his outrageous proposal to balance California's budget shortfall by obtaining a loan from CalPERS.
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It's not the first time a politician looked longingly to CalPERS to ease California's debt. It probably won't be the last. It's a juicy plum.
The reason CalPERS is still relatively healthy in today's financial crisis is that it doesn't make risky investments. Loaning money to the state is the riskiest.
I and millions of other public employees paid into CalPERS for decades contributing 7 percent of my gross pay for almost 30 years. There were times when I could have used that extra money, but I learned to tighten my belt. I'll be darned if I'll agree to loan my retirement funds to a state that spends revenues like a sailor on shore leave.
Florez says this loan will be a "one-time thing." But like the stray neighborhood cat who keeps coming back to the house that feeds it, this will become an ingrained habit. I say no. I hate to think of what will happen to CalPERS if Florez becomes governor.
AUDREY BAKER
Bakersfield