If you’re a cop, firefighter, teacher or civil servant in New York, your pension is at risk. Not just from inflation and economic uncertainty, but from this guy – Governor Andrew Cuomo, who wants to use YOUR nest egg to smear some windows on his way to higher office.
Over the next 20 years, a study commissioned by the Suffolk County Association of Municipal Employees found that the Common Retirement Fund would lose $2.8 billion under Cuomo’s “fossil fuel divestment” scheme.
Since the fund is backed up by taxpayers, it’s not just the financial health of New York’s cops, firefighters, teachers and civil servants that’s at risk – it’s also tax dollars and the solvency of the state and local governments.
Worse yet, Cuomo’s scheme would be counterproductive. As shareholders in fossil fuel companies, New York’s public employees have been able to influence those companies to build a cleaner, more sustainable future, according to New York Comptroller Thomas DiNapoli, who is responsible for the Common Fund. Cuomo’s gimmick would throw that influence away.
New Yorkers should say “NO” to Andrew Cuomo’s divestment scheme. It might score political points for him, but it won’t help Planet Earth – and it will cost billions for New York’s cops, firefighters and civil servants.