Fiduciary Shmiduciary

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We all know that the Bush administration continues to waste millions in taxpayer dollars pimping a Social Security phase-out scheme that no one even wants. Worse, his Bamboozlepalooza tour is anti-efficient: the more people hear, the less they like. So what’s a poor president to do? Easy. Whine about all the money your opponents are spending:

The Bush administration has warned the nation’s biggest labor federation that union-run pension funds may be breaking the law in opposing President Bush’s Social Security proposals.

In a letter on Tuesday to the A.F.L.-C.I.O., the Department of Labor said it was “very concerned” that pension plans might be spending workers’ money to “advocate a particular result in the current Social Security debate.”

Blah, blah. This is all very silly. But there’s a more important point here that Nathan Newman touches on. Why shouldn’t pension money be used for this sort of thing? After all, the fate of labor density here in America rests, to some extent, on whether or not Bush’s anti-worker agenda can be stopped in its tracks. Under most current rules, pension managers are supposed to adhere to certain fiduciary standards in which they’re only supposed to maximize returns on their investments. Conservatives cry foul whenever they hear about some pension manager doing “activist” investing of some sort or other. (See William Greider’s article here for more on this growing practice, and the rationale behind it.) And yet taking action to oppose the Bush administration really is yet another way to maximize those returns—perhaps the best way.

HERE ARE THE FACTS:

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ONE MORE QUICK THING:

Our fall fundraising drive is off to a rough start, and we very much need to raise $250,000 in the next couple of weeks. If you value the journalism you get from Mother Jones, please help us do it with a donation today.

As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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