PRI's Policy Alert
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CalPERS' political agenda puts taxpayers and retirees at risk
Wayne Winegarden | September 4, 2024
CalPERS – which adheres to a politicized Environmental, Social, and Governance (ESG) agenda – is generating lower returns in its investment strategies compared to a more typical investment strategy, finds a new PRI brief.
CalPERS generated a 10-year average annual return of 7.1% through June 30, 2023. By comparison, PRI’s research shows that a typical diversified investment portfolio of 60 percent stock investments, 20 percent U.S. Treasury bonds and 20 percent corporate bonds would have returned 7.9% average annual returns over the same period.
“As our report shows, there are legitimate concerns that CalPERS’ political views are conflicting with its fiduciary responsibilities. By adhering to ESG and other politicized investment strategies, CalPERS is securing lower returns while setting up financial roadblocks to future strong returns,” said Dr. Wayne Winegarden, PRI senior fellow in business and economics and the brief’s author.
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Dim View: New PRI Poll Shows Just 4 Out of 10 Voters Rate Their Local School Boards Positively
Capital Ideas | Lance Izumi | September 3, 2024
The results of a 2024 national survey conducted by Echelon Insights for the Pacific Research Institute on American voters’ opinion of local school boards are sobering.
Fifty-two percent of voters rated their own local public schools as excellent/good, which was significantly higher compared to the 41 percent who rated their own school boards as excellent/good.
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Kamala Harris is wrong. American economic history is replete with failed price control policies
Fortune | Wayne Winegarden and Kerry Jackson | September 3, 2023
in one of her first policy proposals as the Democratic Party’s White House candidate, Kamala Harris insisted that the country needs “the first-ever federal ban on price gouging on food and groceries.” She would set “clear rules of the road to make clear that big corporations can’t unfairly exploit consumers to run up excessive corporate profits on food and groceries.”
While these accusations are vague, they still clearly do not apply to the grocery business.
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Join PRI on 9/21 in Silicon Valley for our annual Sir Antony Fisher dinner.
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Join PRI on 9/25 in Orange County for a luncheon and book signing with bestselling author Tim Carney. Click on the image for ticket information.
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