SUBSCRIBE to Capitol Fax      Advertise Here      Mobile Version     Exclusive Subscriber Content     Updated Posts    Contact
CapitolFax.com
To subscribe to Capitol Fax, click here.
Here we go again

Tuesday, Jan 28, 2014

* From a Bruce Rauner press release…

More Pension Problems

- Crisis Caused by Springfield Career Politicians Continues -

After touting a pension plan that allegedly saved the state $160 billion over thirty years, newly released bond documents expose major shortcomings in the overall scope of the new pension law.

Not only does the pension plan save $15 billion less than was promised, but the documents also reveal the shaky foundation upon which the entire plan is built. According to the filing, a fraction of the projected savings occur in the first 10 years of the 30 year plan.* The other projected savings are heavily back-loaded.

“This pension plan continues to look more and more like other plans crafted by Springfield insiders that appear good on the surface, but fail over the long term and make real reform harder,” said Mike Schrimpf, spokesman for Bruce Rauner’s campaign. “Like the 1994 pension plan that kick-started the pension crisis, the new law is shortsighted, unrealistic, fails to fundamentally reform the system and could make things even worse.”

According to the Chicago Sun-Times, the SEC cited the 1994 pension bill as the “primary driver” of the pension crisis.

“The politicians running for governor have all been in Springfield for the last two decades and played a major role in causing the pension crisis,” Schrimpf added. “It’s clear that career politicians are unwilling to shake up Springfield and won’t ever truly fix the pension system.”

“No wonder they also refuse to condemn the attempts by Pat Quinn and his allies to hijack the GOP primary,” Schrimpf said. “They all take money from the government union bosses and are part of the broken system of politics in Springfield.”

Pat Quinn Government Union Contributions
- More than $4.5 Million

Kirk Dillard Government Union Contributions
- More than $450,000
- Seeking endorsement from Illinois Education Association
- Seeking SEIU endorsement

Dan Rutherford Government Union Contributions
- More than $50,000
- Seeking endorsement from Illinois Education Association
- Seeking SEIU endorsement

Bill Brady Government Union Contributions
- More than $15,000

- Posted by Rich Miller        


40 Comments
  1. - anonymouse - Tuesday, Jan 28, 14 @ 11:13 am:

    And other than taking away earned pension benefits from employees/retirees Mr Schrimp, you would save the pensions, exactly how?


  2. - Oswego Willy - Tuesday, Jan 28, 14 @ 11:14 am:

    “Ahh… The strawberries, … that’s where I had them…”


  3. - Obama's Puppy - Tuesday, Jan 28, 14 @ 11:15 am:

    Really? This dribble is worthy of a post? Not only is it old news but also a rehashing of the same tired talking points. What here is even interesting?


  4. - Oswego Willy - Tuesday, Jan 28, 14 @ 11:16 am:

    “Bruce Rauner - made Millions upon Millions for his firm… off of pensions… some of which were “advocated” by tens of thousands of dollars to the likes of Ed Rendell, and through the hiring of the likes of Stu Levine”

    Better.


  5. - archimedes - Tuesday, Jan 28, 14 @ 11:18 am:

    Maybe some basic math would be in order. The “savings” are backloaded precisely because the 1994 ramp pushed so much of the cost to the end.

    So, of course, a more level payment will have more savings at the end. Who in his right mind thought that $150 billion over 30 years translated to $5 billion a year right now?

    I always find it interesting to classify the difference as “savings.” Its a partial default on debt. Calling it savings, I suppose, makes the GA feel less guilty about it….


  6. - Phenomynous - Tuesday, Jan 28, 14 @ 11:20 am:

    I thought the 1994 plan and the Blago POB purchases were perfect example of front loading savings. That worked out real well.

    Front loaded savings = short-sighted
    Back loaded savings = logview


  7. - Phenomynous - Tuesday, Jan 28, 14 @ 11:22 am:

    logview is longview


  8. - langhorne - Tuesday, Jan 28, 14 @ 11:23 am:

    if i understand it correctly, the conclusion that the reform will generate $15 bil less than expected is based on an analysis of complex systems, with some differences in key assumptions. over 30 years, and involving numbers this big, they would do well to come within $15 bil of the target. thats still $145 bil to the good.

    and rauners put everyone in 401(k)s plan? didnt get very far, and is prospective, so the problems with the current system still have to be addressed. if we ran it like a rauner business, he would just inflate the value, siphon profits, and leave the employees with nothing.

    we will see if the pension reforms are constitutional or not. but i am pretty sure i will be better off than any employee of lason, etc.


  9. - tominchicago - Tuesday, Jan 28, 14 @ 11:23 am:

    Pat Quinn might be the luckiest guy in politics ever. Whoever survives the GOP primary will be lucky to have any skin left.


  10. - Cincinnatus - Tuesday, Jan 28, 14 @ 11:25 am:

    Total union contributions to Republicans $515k which is less than the amount Baron Von Carhartt® has donated to Democrats…

    Or about the same he paid to Stu Levine…

    Or half of what he paid to clout his daughter into Payton Prep…

    Or about a few percent his company paid to settle RICO charges…

    Or about 28,000 times the price of his watch…

    Just sayin’…


  11. - Sir Reel - Tuesday, Jan 28, 14 @ 11:25 am:

    I understood the pension law was an attempt to finesse the unconstitutional issue. I’m waiting for Mr Rauner to explain how his solutions are constitutional. I can come up with ways to save more but none are constitutional. This story is stale.


  12. - wordslinger - Tuesday, Jan 28, 14 @ 11:26 am:

    During this cold snap, I want to thank Bruce Rauner for his outrageous hypocrisy. It has my blood boiling.

    Pay-to-play Rauner employed Stu Levine to score off public employee pension funds.

    The ISBE reports that outsider Bruce has, over the years, made 187 contributions to Illinois politicians totaling $4.1 million.

    How any person can’t be insulted by the contempt this phony has for the people is beyond me.


  13. - kimocat - Tuesday, Jan 28, 14 @ 11:27 am:

    Seems a little lame to trumpet the other guy’s contributions from unions — amounts about equal to Raunner’s pocket change.


  14. - anonymouse - Tuesday, Jan 28, 14 @ 11:35 am:

    Cinncinattus- My Hero for today…


  15. - Come on man! - Tuesday, Jan 28, 14 @ 11:40 am:

    The cojones on this guy. While the “union bosses” have contributed to campaigns of these elected this guy has profited personally from managing pension funds.


  16. - AnonymousOne - Tuesday, Jan 28, 14 @ 11:40 am:

    I love that word, FIX. Yes, they sure were fixed good when money was diverted away from them to other places. Fix them back. Fund them properly and allocate monies away from other places specifically to remedy the damage done to them for decades. That’s the fix.


  17. - Mason born - Tuesday, Jan 28, 14 @ 11:44 am:

    Maybe someone should ask Mr. Rauner whether he would prefer Pat Quinn or a Republican to win the election?

    That said i think Cincinatus has the Script for the ‘3′ to respond.


  18. - I'm Strapped - Tuesday, Jan 28, 14 @ 11:45 am:

    Go ahead Mr Rauner, take our pensions. It’s all for a good cause, right?

    http://www.chicagotribune.com/news/local/breaking/chi-trooper-accident-maintenance-worker-20140127,0,6960429.story?track=rss


  19. - child games - Tuesday, Jan 28, 14 @ 11:53 am:

    It funny how it’s fine for Rauner to support and even donate to Tom Cross when he is the largest Republican recipient of Public Sector Union money and a 20 year insider. Once again it’s do what I say and not what I do for Brucey!


  20. - Anonymous - Tuesday, Jan 28, 14 @ 11:54 am:

    Next up - “Bruce Rauner, personal donations to Democrats”


  21. - wordslinger - Tuesday, Jan 28, 14 @ 11:54 am:

    I’m Strapped, thanks for that.

    It needed to be said, it needs to be remembered, and it needs to be acted upon when it comes to billionaire victims who demonize the people to feed their egos.


  22. - redrepublican - Tuesday, Jan 28, 14 @ 11:59 am:

    Didn’t little Brucie Rauner make his FIFTY-THREE MILLION DOLLAR income last year through MANAGING PENSION FUNDS???


  23. - too obvious - Tuesday, Jan 28, 14 @ 12:06 pm:

    Rauner desperately still trying to distract from Heaven’s Gate Gate. #lame


  24. - hisgirlfriday - Tuesday, Jan 28, 14 @ 12:07 pm:

    This is not just about trying to win an election at this point, folks. This is about trying to brainwash the electorate into thinking all financial problems in this state have been caused by unions to make it easier for him to attempt to get rid of unions via executive order a la mitch daniels (as he said in the debate and despite that pesky Illinois Public Labor Relations Act). That is, if the anti-union SCOTUS doesn’t beat him to the punch in decimating public unions in Harris v. Quinn.

    And also let’s be clear that this union-busting strategy has nothing to do with getting better deals for taxpayers in worker contracts or restoring better budget practices or achieving “fairness” for those compelled to join a union but is all about weakening the ability of unions to participate in the political process and provide any sort of competition for the Rauners and Griffins of the world and the political offices they seek to purchase.

    Oh the horror that once upon a time Bill Brady got a $15,000 check from some unspecified government union contributions. Meanwhile, Rauner collects $50 k from the Goldman Sachs CEO who as treasury secretary commanded Congress to give him $700 billion to bail out Wall Street’s bad bets and… *crickets*


  25. - veritas - Tuesday, Jan 28, 14 @ 12:08 pm:

    There are numerous reasons to dislike Rauner - and more each day it seems, but here is a dispassionate comment that begs an answer: Rauner’s “My way or the highway” attitude morphs into “Your either with me or agin me” as he brands all union members as enemies - Dem & GOP alike. He implies it is unethical for GOP candidates to seek union endorsements, but not for him to profit off of their pension funds - even if it means hiring a now convicted felon to facilitate doing so. He is doing great harm to a party that was on life support. The GOP needed to reach out to Dems., Independents & union members if it was ever going to be able to forge a winning coalition. That’s basic math. How then is it even remotely possible for Rauner to win the general election after he has villainized the majority of the electorate and attacked members of his own party?? Where are the votes going to come from??


  26. - Norseman - Tuesday, Jan 28, 14 @ 12:09 pm:

    Still looks like the best campaign money can buy. Here we have three press releases in recent days from the Baron that stir up publicity. What are the other three doing? Waiting for to respond to the next Rauner release. Pitiful!


  27. - hisgirlfriday - Tuesday, Jan 28, 14 @ 12:15 pm:

    Something else… although not sure if my last longwinded screed got through the CapFax censors ;)

    Hasn’t Bruce Rauner HIMSELF donated $100,000 to try to elect Bill Brady? Yet we are supposed to believe Brady is in the pocket of govt. unions over $15k?


  28. - Think about It - Tuesday, Jan 28, 14 @ 12:23 pm:

    The Rauner campaign is imploding. Senator Kirk sends over his people to work, Dold has his former staffers working there, and between all of the money he spends on them, he still looks like joke of the century. And he’s taking down everyone with him. This is almost comical.


  29. - Anonymous - Tuesday, Jan 28, 14 @ 12:25 pm:

    The savings are backloaded by design. We usually backload costs and not savings.


  30. - LGHB - Tuesday, Jan 28, 14 @ 12:35 pm:

    Which is worse? Donations from unions or donations from someone tied to Rauner’s nursing home problem. http://republicannewswatch.com/wp/?p=13318


  31. - Walter Mitty - Tuesday, Jan 28, 14 @ 12:52 pm:

    I am now more convinced it is too late… The other 3 had time… They wasted it… Poll tested I am sure… This is very real now… With the teachers filing suit…I suppose the “deafening” silence I kept thinking… Is loud and clear now… Rauner is all in…To this point, out spent…More importantly out worked the rest….All the details for the general public on here, not making the news is irrelevant. Are we to believe the teachers will sue Pat Quinn and then back him?


  32. - Wensicia - Tuesday, Jan 28, 14 @ 12:54 pm:

    So, that’s it?! Attack your opponents by trying to tie them to unions via donations and imply they’re both the cause of everything wrong in this state? Is that all you can come up with, Rauner?
    Pathetic.


  33. - Walter Mitty - Tuesday, Jan 28, 14 @ 1:06 pm:

    Is that all you can come up with, Rauner?
    Pathetic.

    Genius…How many “regular” folks think the state is in good shape? The law makers are effective? Red meat…Perception is reality…


  34. - Carl Nyberg - Tuesday, Jan 28, 14 @ 1:35 pm:

    Rauner wants to be the consummate insider when asking for money and favors.

    And Rauner wants to be a complete outsider when asking for votes in the media.

    Good luck with that, Bruce. Maybe your buddy Rahm can help you sell that story.


  35. - OLD BRASS - Tuesday, Jan 28, 14 @ 1:42 pm:

    “…. if we ran it like a rauner business, he would just inflate the value, siphon profits, and leave the employees with nothing.”

    Well, that might pretty well explain his reasoning and push for term limits .


  36. - Cincinnatus - Tuesday, Jan 28, 14 @ 1:43 pm:

    Inside outside
    Leave me alone.
    Inside outside
    Nowhere is home.
    Inside outside
    Where have I been?
    Out of my brain on the five fifteen


  37. - Walter Mitty - Tuesday, Jan 28, 14 @ 1:47 pm:

    Ahhh…. Cinci…The Who!


  38. - truthteller - Tuesday, Jan 28, 14 @ 2:17 pm:

    Rauner’s contention is that union’s give money and expect something in return from the candidate.
    Rauner gives his own campaign money. I guess, given his view of how the world works, Citizen Rauner thinks that Governor Rauner will be very nice to him.

    Isn’t $50 million a year enough? I guess not.


  39. - Cincinnatus - Tuesday, Jan 28, 14 @ 2:40 pm:

    - Walter Mitty - Tuesday, Jan 28, 14 @ 1:47 pm:

    Ahhh…. Cinci…The Who!

    ++++++++++++++

    People try to put us d-down (Talkin’ ’bout my generation)
    Just because we get around (Talkin’ ’bout my generation)
    Things they do look awful c-c-cold (Talkin’ ’bout my generation)
    I hope I die before I get old (Talkin’ ’bout my generation)

    This is my generation
    This is my generation, baby


  40. - Anon - Tuesday, Jan 28, 14 @ 3:56 pm:

    == the SEC cited the 1994 pension bill as the “primary driver” of the pension crisis. ==

    If I´m not mistaken, the Trib supported the 1994 pension fix, along with Edgar, Pate and Daniels, who touted it as the solution to the unfunded pension liability. Now it turns out it was just the opposite. When will the supporters of that policy ever admit their huge mistake and be held accountable?


Sorry, comments for this post are now closed.


* SUBSCRIBERS ONLY - Cable TV buys
* Reader comments closed for the weekend
* Rauner vetoes several social service bills
* Ok, that's enough
* I truly hate this US Senate race
* Rauner signs life insurance bill
* Question of the day
* State bond sale goes well, but still paid a higher price
* *** UPDATED x1 *** Picking on the little guys
* We've been a sorry state for a long time
* Munger and Mendoza face off in hostile debate
* I'm still befuddled by this move
* *** UPDATED x5 - Motion approved - Noven to withdraw - $421 million budget hit - One appointee appears to be ineligible - The plot thickens as three new board members appointed *** Controversy expected at TRS hearing today
* React to remap reform ruling
* Divided court kicks remap reform off ballot
* Yesterday's blog posts

Support CapitolFax.com
Visit our advertisers...

...............

...............

...............

...............

...............

...............
<


Search This Blog...

Search the 98th General Assembly By Bill Number
(example: HB0001)

Search the 98th General Assembly By Keyword

  
* T-Mobile confirms upcoming Nougat updates for two HTC phones, seven Samsungs
* Philips Introduces New Hue Motion Sensor, Updated Bulbs
* Sony Xperia X Compact benchmark purportedly shows amped up specs
* Betting the iPhone chips: Intel wants TSMC’s contracts by 2019
* Xiaomi Mi Note 2 may have Android Nougat, 6GB of RAM
* Next Android Wear watch faces will be crowdsourced
* Samsung Galaxy A-series getting 2017 refresh

* What a Knight! Fulmer hurls five perfect frames for Triple-A Charlotte
* Rodon rolls on to lead White Sox over M's
* 2 pitches, 3 outs: Sox execute efficient escape
* X-rays negative after Eaton HBP on right arm
* Rodon rolls on to lead White Sox over M's
* Shields hopes to get back on track vs. Tigers
* Rodon rolls on to lead White Sox over M's

...............


Main Menu
Home
Illinois
YouTube
Pundit rankings
Obama
Subscriber Content
Durbin
Burris
Blagojevich Trial
Advertising
Updated Posts
Polls

Archives
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
December 2006
November 2006
October 2006
September 2006
August 2006
July 2006
June 2006
May 2006
April 2006
March 2006
February 2006
January 2006
December 2005
April 2005
March 2005
February 2005
January 2005
December 2004
November 2004
October 2004

Blog*Spot Archives
November 2005
October 2005
September 2005
August 2005
July 2005
June 2005
May 2005

Syndication

RSS Feed 2.0
Comments RSS 2.0
WordPress

Loading


* Illinois can't afford to take care of those in .....
* Madigan at center of legislative black hole - Q.....


* Clinton hits Trump by recalling her father's business
* Playing with sports concussion doubles recovery time: Study
* 2 Chicago men charged in shooting of NBA star Wade's cousin
* 2 United pilots suspected of being drunk arrested in Glasgow
* Enrollment up at other Missouri universities as MU drops
* Ohio chief justice on court impacts, roles in drug epidemic
* Studies: Illinois' fixed-tuition law drives up others' costs
* Studies: Illinois' fixed-tuition law drives up others' costs
* University of Illinois game time texting system rarely used
* Northwest Indiana airports fight aviation downturn

* Thirty-year-old SNAP overpayments still being collected
* Despite budget warnings from Rauner, TRS board votes to lower investment estimates
* Progress on U.S. 67 sputters due to lack of funds
* New law makes insurance companies find, pay beneficiaries
* Decatur woman can petition to become nurse under new law
* Illinois redistricting referendum won't appear on ballot
* Comptroller hopefuls argue independence from Madigan, Rauner
* Springfield-area jobless rate remains lowest in Illinois
* Illinois 'Obamacare' health insurance rates up significantly

* 2 Chicago men charged in shooting of Bulls star Dwyane Wade's cousin
* AB InBev plans 5,500 job cuts after SABMiller deal
* What do you get for $2,000 in rent?
* Cubs stars growing too big for Chicago market
* Warehouses are sexy all of a sudden. Here's why.


* Woman wounded in shooting near Washington Park
* Man grazed by bullet in South Chicago
* Police: No one injured in Dan Ryan Expressway shooting
* 2 shot in Englewood
* Mariah Carey’s estranged sister arrested on prostitution charges
* Man shot in the arm in West Rogers Park
* 2 shot, including 17-year-old girl, in Lawndale
* Georgia Nicols horoscopes for Aug. 29, 2016
* Dear Abby: Blocking bad news eases my anxiety
* Trump plans major ad buy after weeks of being outspent


* Merkel hones pitch to voters to counter threat of election slump
* Sen. Joni Ernst tries to rise with Donald Trump by her side
* Both sides agree: Trump a wild card in presidential debates
* Police: No shots fired, no gunman found at Los Angeles airport
* Beyonce slays at MTV VMAs, wins video of the year
* Sen. Joni Ernst tries to rise with Donald Trump by her side
* US election so nuts I just might win, Libertarian Johnson says
* MTV VMAs: Beyonce wins the VMAs, Rihanna and Drake melt our hearts, Britney Spears fizzles
* 2 dead, 10 wounded in city shootings
* 6 hurt in pileup on Eisenhower Expressway


The widget AQL4JYGHIY powered by Feed Informer does not exist.


* Thirty-year-old SNAP overpayments still being collected
* Heather Eagleton: Ending 'step therapy' puts patients first
* Angie Muhs: The ups and downs of online comments
* Bernard Schoenburg: Davis, GOP quick to attack independent Gill
* Statehouse Insider: Do we hafta put all of that money into pensions?
* Their View: Fair maps shouldn't be victims of partisanship
* Raising awareness to end domestic violence
* Mom's legacy lives on through fund
* Despite budget warnings from Rauner, TRS board votes to lower investment estimates
* Progress on U.S. 67 sputters due to lack of funds


* Jessie Ruth (Jones) Veach
* Betty Jean Price
* Those Who Served: Brent Blackwell
* Seniors invited to Illinois candidate forum
* River rises but no flood alerts are issued
* UI roundup: Pieters, Detry win Euro events
* Prep preview, week of Aug. 29
* Ex-area athletes in pro baseball update (Aug. 29)
* UI football coaching debuts since 1913
* Parkland volleyball drops 61-match win streak


* Kim Dotcom wants to livestream legal fight against the US
* Memorial Mass for 2 nuns killed in their Mississippi home
* Standings can deceive in multiteam postseason races
* False report of gunman at Los Angeles airport causes panic
* GOP presidential nominee Trump plans major ad buy Monday

* House lawmakers overcome hurdle on key tra...
* Rodney Davis talks funding with Bloomingto...
* The agency that fought Illiana gets a new ...
* Rep. Dold takes educational cruise down Ch...
* Lawmakers decry high turnover rate of VA h...
* CBD Oil, and politics
* Simon considering state Senate bid
* Killer Congressman Tom MacArthur trying to...
* Shutdown? State may not notice
* Rep. Bob Dold

* Des Plaines Gets $11.4 Million To Purchase......

* Kirk wants to widend locks, dams on Illino......
* Duckworth outlines principles for immigrat......

* Court Advocacy Training For 19th & 20th District Residents
* Trump fixes Wade name spelling, but still misses the point on race, politics
* The Sillery Season
* GoFundMe Set Up For Funeral Of Man Murdered In Gang Crossfire
* Kinney serves as liaison to United Kingdom
* Using international experience to help Illinois REALTORS®
* Illinois home prices increase in July; Sales lower amid tight inventory
* CAR dedicates memorial to Maner, the association’s first African-American president
* QCARA members brush up on their painting skills at Habitat for Humanity project
* Illinois REALTORS® named to key NAR committee posts


* Statement on Redistricting Referendum
* Rauner Administration Takes Action to Help Illinoisans Find Lost Life Insurance Money
* Illinois Residents Encouraged to Register for ‘The Great ShakeOut’ Earthquake Drill - 'Drop, Cover and Hold On’ Drill Set for October 20
* Governor Takes Bill Action
* Illinois Seeking Flexibility to Improve Delivery of Behavioral Health Care




      Hosted by MCS SUBSCRIBE to Capitol Fax Advertise Here Mobile Version Contact Rich Miller