Exxon, CalPERS and CalSTRS: Partners In Deception
Everyone knows about Exxon’s history of suppressing scientific studies linking fossil fuels and global warming. Fewer know about CalPERS’s and CalSTRS’s suppression of the true math associated with California’s unfunded pension obligations. As a consequence of that suppression, pension costs are on a budget-destructing ascent. Money is being diverted from classrooms, police departments, parks, colleges, the environment and other public services. Tax increases are going to old debts instead of new services or infrastructure. The worst is yet to come.
Congress starts hearings today on Exxon chairman Rex Tillerson’s nomination as Secretary of State. No doubt he’ll be asked about Exxon’s history of suppressing science. California’s legislature should grill the chairpersons of CalPERS and CalSTRS about their organizational suppression of math. The young people and future generations who bear the consequences need legislators to represent their interests.