And so the campaign to eliminate our retirement security continues.
As everyone was leaving for Thanksgiving weekend, Illinois legislators announced a “bipartisan” plan to “bail out” the state’s public pension funds.
That was Wednesday. (LATE Wednesday.)
Details of the plan weren’t released until Friday. (Increased retirement age. Limits on COLAs. Prohibits collective bargaining regarding pensions. Prohibits use of pension funds for retiree health care. Etc.)
The actual bill was released today. (All 325 pages of it.)
The Legislature is expected to vote on the plan tomorrow (Tuesday).
And Chicago hedge fund honcho Ken Griffin spent Thanksgiving weekend beating his PR drums about the “the dire state of our pension situation.” (Yeah, that WOULD be the very same Ken Griffin who, along with his wife: “were the top donors in the 2010 election cycle to Republicans running for Illinois legislative seats.” That’s according to a Chicago Tribune analysis, which also tallied millions of dollars in other political contributions the Griffins have made to conservative political organizations.)
Can’t help but notice another context to the timing. Today is the filing deadline for next year’s elections. When legislators vote on the pension system revisions tomorrow, they will know what candidates they will be facing when they campaign for reelection.
Hey, I’ll agree with one thing Ken Griffin said in his weekend PR blitz: “We need political courage and a willingness to face painful truths.”
The “painful truth” here is: this is being pitched as a “bipartisan proposal” authored by the Democratic legislative leadership.
And it’s clearly the next step on the path toward eliminating retirement security… not just for public employees in Detroit, or Illinois… but also for Social Security participants throughout the country. (Remember the “bipartisan proposal” from Simpson/Bowles?)
Read “Going behind the rhetoric on public employee pensions” here.
Read “Detroit’s pension systems: not ‘unaffordable’, just battered by Wall Street” here.