I’m retired from working for the Town of Penfield. I’ve been reading a little bit about the Senator Krueger’s divestment plan, and I think it is a bad one.
The basic idea is that pensions would be required to pull all investments from any fossil fuel related company. This would require a lot of money to be moved, and forcing this change will result in a pension portfolio that is less diversified and more dependent on risker and lower-yielding investments. I’ve never worked on Wall Street, but I can tell you, that kind of move is not smart.
Experts agree. Comptroller DiNapoli hates this idea. DiNapoli and others believe that this plan will mean billions in losses. But you don’t have to be an expert to understand that a plan that is expected to lose billions is a bad one.
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I’m not the kind of person to weigh in on politics. But this plan could really hurt. I am going to be stuck footing the bill for this bad idea, either through tax hikes or spending cuts. I’m on a fixed income and this bad plan will have real consequences, for me and all New Yorkers. New York can’t afford this plan, and neither can I.