Borrow through a pension obligation bond, kick the can by stringing out the repayment schedule and give assets away to the pensions. Our critique is linked here. The speech by Deputy Governor Dan Hynes is linked here.

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Andrew Szakmary
1 year ago

Absolutely horrible plan for state employees and retirees. If that was ever part of Pritzger’s base then he just betrayed them big time. In return for a measly, one-time contribution to the pension funds of $2 billion – paid for by borrowing – this plan cuts required annual state contributions, relative to current law, by $800 million annually. If and when the constitutional progressive tax amendment passes, then this $800 million annual reduction will be reduced to “only” $600 million. So the bottom line is that Pritzker will seek to increase taxes by many billions of dollars annually, and instead… Read more »