The Post touted Rhode Island state Treasurer Gina Raimondo’s win in her state’s Democratic gubernatorial primary as a a victory for common-sense fiscal policies [“Rhode Island’s math fix,” editorial, Sept. 11]. For four years, Ms. Raimondo has insisted that the pain of budget cuts be shared by hard-working state employees and retirees. But Ms. Raimondo has not asked Wall Street hedge-fund managers to share the pain.
The International Business Times reported in August that, over the past four years, Ms. Raimondo shifted a significant percentage of Rhode Island’s pension funds into high-risk hedge funds, which have significantly under-performed stock market indices and other traditional lower-risk investments.
Adding insult to injury, the pensions are burdened by significantly higher fees than in the past. In contrast, the bulk of Providence’s retirement funds have been kept in lower-cost funds that have generated consistently superior returns, the International Business Times reported.
Rhode Island voters might do better with a governor who seeks out low-cost investments and demands that the state’s wealthiest residents pay a little more to ensure that teachers, firefighters and law enforcement officers are able to enjoy a comfortable retirement.
Hal Ginsberg, Kensington