Schimpf rejects pension magic beans fantasy
Thursday, Nov 4, 2021 - Posted by Rich Miller
* Tom Collins at Shaw Media…
[Republican gubernatorial candidate Paul Schimpf] said he’s open to all measures to reduce the state’s pension shortfall (offering buyouts, for example) and criticized Pritzker for not allocating surplus revenues to address the shortfall. Yet, he promises no short-term solution.
“Anyone that’s telling you there’s a silver bullet or magic beans-type of solution that’s going to resolve this instantaneously is selling something,” he said. “The pension shortfall has been three decades in the making. We’re just going to have to be responsible and it’s probably going to take us about a decade to get our financial house in order.”
I’m not sure what surplus revenues he’s talking about, but the fact that he isn’t buying into the magic beans fantasy is heartening.
…Adding… The author of the story he went back and checked the audio recording and realized he made a mistake. Schimpf didn’t say “surplus.” Here’s the full quote…
One of the things I would have differently had I been governor instead of JB Pritzker is when we had record revenue coming in, I would have used that revenue to try to put our financial affairs in order rather than just increasing spending across the board like Gov. Pritzker did.
I don’t think that take of Schimpf’s is very accurate either. Whatever.
- Publius - Thursday, Nov 4, 21 @ 1:48 pm:
30 years more like 60 years. I have an old newspaper article from the early 60 regarding the pension problem.
- frustrated GOP - Thursday, Nov 4, 21 @ 1:51 pm:
Still waiting for the announcement that the actuarial tables are updated and because the life expectancy has dropped, all pension systems are billions of dollars better off due to the pandemic. Police and Fire alone with their level of vaccination has to be worth 200 million in future pension savings.
- Da big bad wolf - Thursday, Nov 4, 21 @ 1:53 pm:
=== I’m not sure what surplus revenues he’s talking about,===
I dunno. Maybe the Covid-19 relief funds? But those can only be used for Covid-19 related things so ???
- Grandson of Man - Thursday, Nov 4, 21 @ 1:57 pm:
It’s refreshing to have a Republican not parrot the right wing donor policy and talking points. Hopefully this election cycle brings a pro-union GOP candidate.
- Proud Sucker - Thursday, Nov 4, 21 @ 1:59 pm:
“Police and Fire alone with their level of vaccination has to be worth 200 million in future pension savings.”
Too soon? No. “Ouch” Yes (but morbidly accurate).
- Oswego Willy - Thursday, Nov 4, 21 @ 2:03 pm:
“Nature is healing” kind of heartening, for me.
At some point the Republican Party of Illinois needs to exterminate so many bad ideas and purveyors of these ideas.
Reset, Recruit, Regroup… it means the honesty to governing is a reset from Illinois Policy Institute ignorance.
It’s good to see this here.
- JS Mill - Thursday, Nov 4, 21 @ 2:04 pm:
Anyone acknowledging the reality of the pension issue and the real solution is a plus.
=“The pension shortfall has been three decades in the making.=
Nope
=30 years more like 60 years. I have an old newspaper article from the early 60 regarding the pension problem.=
Nope
Try 100 years, going back to the early part of the 20th century.
- Ducky LaMoore - Thursday, Nov 4, 21 @ 2:31 pm:
“Try 100 years, going back to the early part of the 20th century.”
JS Mill beats me to it. Illinois’ pension problems started generations ago. The fact is, tier 2 is the solution. Unfortunately, the solution takes 30 years.
- Bruce( no not him) - Thursday, Nov 4, 21 @ 2:38 pm:
If you plant the magic beans, then when the beanstalk grows….
It’s suddenly all better.
- Westernurbs - Thursday, Nov 4, 21 @ 3:01 pm:
What is not accurate, Rich?