WEBVTT

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SEGMENT.

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AND NOW TO CAROL MARIN AND

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DISSECTING THE $40 BILLION STATE

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BUDGET.

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>> THANK YOU, PARIS.

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A BALANCED BUDGET AND A PATH TO

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FULLY FUND PENSIONS OVER TIME.

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THAT IS WHAT GOVERNOR J.B.

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PRITZKER AND LAWMAKERS FROM BOTH

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SIDES OF THE AISLE CLAIMED AFTER

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PASSING AND SIGNING INTO LAW A

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NEW STATE BUDGET EARLIER THIS

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MONTH.

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WITH ILLINOIS FACING $134

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BILLION IN UNFUNDED PENSION

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LIABILITIES IN MORE THAN $7

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BILLION IN OUTSTANDING BILLS

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SHOULD ILLINOIS TAXPAYERS BE

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RELIEVED?

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OR SHOULD THEY BE WARY?

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JOINING US TO SHARE THEIR TAKES,

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JEFF SCHOENBERG PRINCIPAL AT

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VICE SCHOENBERG IMPACT ADVISORS

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AND A DEMOCRAT WHO SERVED AS

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ASSISTANT MAJORITY LEADER DURING

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HIS TIME IN THE SENATE.

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AND ADAM SCHUSTER DIRECTOR OF

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BUDGET AND TAX RESEARCH AT THE

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ILLINOIS POLICY INSTITUTE.

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THANKS BOTH OF YOU FOR COMING

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BACK TO "CHICAGO TONIGHT."

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SO, JEFF SCHOENBERG LET ME START

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WITH YOU.

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YOU HEARD THAT BIPARTISAN

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RESOUNDING CELEBRATION WE GOT

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ALONG WE GOT SOMETHING DONE.

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YOU HAVE BEEN A STATE SENATOR

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AND REP UNDER FIVE GOVERNORS

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THREE AND REPUBLICANS, TWO

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DEMOCRATS YOU'VE HEARD THIS

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DECLARED BEFORE.

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IS THIS A BALANCED BUDGET

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REALLY?

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>> I THINK THAT IT'S PREMATURE

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TO ROLL OUT THE MISSION

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ACCOMPLISHED BANNER ON THE

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AIRCRAFT CARRIER.

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THAT SAID, THE LEVEL OF CONFLICT

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AND INACTIVITY WAS SO GREAT THAT

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MANY VULNERABLE PEOPLE ACROSS

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THE STATE WERE BEING HARMED.

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MANY PROVIDERS WERE BARELY

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SOLVENT.

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MANY INSTITUTIONS IN OUR

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COMMUNITIES HAD ALL THEY COULD

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DO TO HOLD ON.

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SO COMPARATIVELY SPEAKING, I

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THINK THERE IS A GREAT SENSE OF

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ACCOMPLISHMENT AND JUSTIFIABLY

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SO AND I GIVE A LOT OF CREDIT TO

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GOVERNOR J.B. PRITZKER FOR

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HAVING INVESTED HIS TIME AND

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ESTABLISHING THE PERSONAL

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RELATIONSHIPS ON BOTH SIDES OF

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THE AISLE IN A RELATIVELY SHORT

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PERIOD OF TIME IN ORDER TO

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ARRIVE AT A CONSENSUS.

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>> ADAM, $134 BILLION IN

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UNFUNDED PENSION LIABILITIES.

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CRITICS ARE CALLING INTO

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QUESTION THAT $9 BILLION PAYMENT

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FOR NEXT YEAR SHOULD BE $13

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BILLION.

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AND THERE IN LIES SOME OF THE

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PROBLEMS AND SOME OF THE HOLES

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IN THE BALANCED BUDGET.

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DO YOU AGREE OR DISAGREE?

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>> YES, THIS IS NOT A TRULY

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BALANCED BUDGET.

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THE LAST TIME WE HAD A TRULY

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BALANCED BUDGET REVENUE CAME IN

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AT OR BELOW EXPENSES WAS 2001.

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EVERY YEAR ALMOST 19 YEARS NOW

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WE HAVE BEEN SAYING WE'VE PASSED

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BALANCED BUDGETS AND AT THE END

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OF THE YEAR THE TOTALS DO NOT

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MATCH.

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THE PENSION IS ONE OF THE BIG

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ISSUES LEFT UNADDRESSED.

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JUST YESTERDAY MOODY'S AND

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ANALYSTS CREDIT RATINGS AGENCY

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SAID ILLINOIS IS NOT GOING TO

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RECEIVE AN UPGRADE AND WORSE IN

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THE NATION CREDIT UNTIL WE HAVE

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MEANINGFUL ACTION ON PENSIONS

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AND THAT DID NOT HAPPEN.

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>> THERE WAS A LOT OF DISCUSSION

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HOW MARIJUANA IS GOING TO BRING

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A HUGE AMOUNT OF MONEY TO THE

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STATE.

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AND HOW LICENSING OF GAMBLING IS

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GOING TO BRING THAT TO THE

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STATE.

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ARE THOSE ESTIMATES

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OVERESTIMATES?

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>> I ACTUALLY THINK THAT THE

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ESTIMATES FOR SPORTS GAMING ARE

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LOW.

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BECAUSE ON-LINE GAMING AND

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SPORTS GAMING ARE AREAS THAT ARE

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VERY DYNAMIC IN THEIR GROWTH.

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NOT JUST HERE IN THE U.S. BUT IN

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EUROPE AS WELL.

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WHERE REVENUES WILL BE STAGNANT

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IS WITH THE EXPANSION OF CASINO

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GAMING.

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WHICH I NEVER SUPPORTED WHEN I

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WAS IN THE LEGISLATURE.

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BECAUSE WE NEVER SEEM TO TALLY

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UP THE HUMAN COST THAT RESULTS

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FROM GAMING.

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BUT THE MARKET IS SATURATEDDED

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FOR CASINOS.

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AND THE REAL MONEY THAT THE

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STATE COULD MAKE AT ONE TIME WAS

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OVER THE LICENSES BUT THE VALUE

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OF THE LICENSES HAS DROPPED

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PRECIPITOUSLY AND THEREFORE IT

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IS REALLY ALL THE STATE CAN DO

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TO HOLD ON TO THE CASINO

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REVENUES THAT THEY HAVE.

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>> ADAM GAMING?

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>> THE LAST TIME WE COUNTED ON

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MAJOR GAMBLING EXPANSION TO FUND

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CAPITAL PROJECTS, REVENUES CAME

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IN A BILLION DOLLARS BELOW

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EXPECTATIONS OVER THE COURSE OF

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10 YEARS.

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THEY ARE VOLATILE REVENUE SOURCE

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BOTH MARIJUANA AND CIGARETTES

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AND GAMBLING OTHER REVENUE

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SOURCES HERE THESE ARE VOLATILE

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THEY ARE REGRESSIVE AND WE

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SHOULD NOT BE COUNTING ON THEM.

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A HEALTHY STATE DOES NOT HAVE TO

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COUNT ON THESE.

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WE SURE MAKE SURE OUR EXPENSES

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ARE MATCHING.

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>> WE ARE NOT A HEALTHY STATE

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AND WHEN YOU ARE DESPERATE,

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DESPERATE TIMES REQUIRE

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DESPERATE MEASURES.

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>> YES, BUT THAT IS THE SAME

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FALSE CHOICE THAT IS BEING

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PRESENTED WHEN WE APPLAUD

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LAWMAKERS FOR DOING THEIR ROLE

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OF GETTING A BUDGET PASSED NOT A

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BALANCED BUDGET.

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IT'S UP TO $1.3 BILLION OUT OF

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BALANCE WHEN YOU COUNT FOR

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REALISTIC REVENUE AND

05:22.933 --> 05:25.066 align:start position:10% line:74% size:32.5%
EXPENDITURES.

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IT IS NOT A TRULY BALANCED

05:24.733 --> 05:29.200 align:start position:10% line:74% size:17.5%
BUDGET.

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WE SHOULDN'T BE RELYING ON THE

05:27.466 --> 05:31.433 align:start position:10% line:74% size:70%
REVENUE SOURCES WE SHOULD BE

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TACKLING THE CORE SPENDING

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PROBLEM THAT WE HAVE.

05:31.433 --> 05:38.166 align:start position:10% line:74% size:80%
THE PROBLEM IS HERE FOR A DECADE

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OR TWO DECADES OUR SPENDING IS

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GROWING FASTER THAN THE REVENUES

05:38.166 --> 05:43.033 align:start position:10% line:74% size:47.5%
AND WE HAVE TO DO A

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CONSTITUTIONAL AMENDMENT TO

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ALLOW US TO BE REASONABLE

05:43.033 --> 05:47.266 align:start position:10% line:74% size:72.5%
PENSION FORM THAT SECURES THE

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RETIREMENT SECURITY OF

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GOVERNMENT WORKERS AND TAXPAYERS

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ARE PROTECTED AS WELL.

05:49.300 --> 05:54.200 align:start position:10% line:74% size:52.5%
>> SPENDING IS ALWAYS

05:50.566 --> 05:56.766 align:start position:10% line:74% size:77.5%
HIGHLIGHTED DOESN'T MATTER WHAT

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YEAR OR WHAT CAMPAIGN.

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ARE THERE, JEFF, SPENDING CUTS

05:56.766 --> 06:02.566 align:start position:10% line:74% size:67.5%
THAT CAN BE MADE TO SOMEHOW

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BRING THIS INTO BALANCE?

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>> WELL, ONE OF THE IN ADDITION

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TO PENSIONS ONE OF THE LARGEST

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GROWTH AREAS OF SPENDING IN THE

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STATE IS MEDICAID.

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AND REMEMBER, JUST BECAUSE

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THERE'S A PARTICULAR DOLLAR

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FIXED FOR THE AMOUNT OF STATE

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AUTHORIZATION FOR MEDICAID

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SPENDING, ONLY ONE OF EVERY $2

06:21.666 --> 06:28.733 align:start position:10% line:74% size:57.5%
COMES FROM STATE EITHER

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MARIJUANA TAXES OR SOME OTHER

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FORM OF TAXES.

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AND THAT IN TURN GIVES US THE

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OPPORTUNITY TO CAPTURE A

06:32.133 --> 06:40.433 align:start position:10% line:74% size:77.5%
MATCHING DOLLAR FROM WASHINGTON

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TO PAY FOR MEDICAID.

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TWO-THIRDS OF MEDICAID IS FOR

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MENTAL HEALTH AND DEVELOPMENTAL

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DISABILITIES AND LONG-TERM CARE.

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>> IS THE ANSWER WE HAVE

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SPENDING CUTS TO MAKE OR NOT?

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>> I THINK THAT THE ANSWER IS

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SPENDING CUTS WILL BE AT THE

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MARGINS.

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PARTICULARLY IF THERE IS A

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STRONG WILL TO INCREASE THE

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INVESTMENT IN EDUCATION.

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NOT JUST HIGHER EDUCATION, WHICH

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REGRESSED FOR A LONGTIME AND

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K-12 WHICH ROSE, BUT EARLY

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CHILDHOOD EDUCATION WHICH I KNOW

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IS A PASSION OF THE GOVERNOR'S

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AND HE IS DETERMINED TO MAKE

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ILLINOIS A NATIONAL LEADER

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THERE.

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>> ADAM, RALPH MARTIRE SAID THAT

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MAKING CUTS DOESN'T ADDRESS THE

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FACT THAT ILLINOIS HAS BEEN

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DISINVESTING IN THE CORE

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SERVICES LIKE HIGHER ED OR LIKE

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MENTAL HEALTH FOR 20 YEARS.

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IS HE WRONG ABOUT THAT?

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>> NO, WE LARGELY AGREE THAT THE

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STATE IS NOT PROVIDING VALUABLE

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SERVICES TO THE RESIDENTS AND

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THEY ARE NOT GETTING A GOOD BANG

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FOR THE TAX DOLLAR AND RALPH

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MARTIRE POINTS TO THE FACT IN

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REAL TERMS ADJUSTED FOR

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INFLATION SPENDING ON KEY

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PRIORITIES LIKE HIGHER EDUCATION

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IS DOWN.

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THAT IS BECAUSE BACK IN 2000,

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THE YEAR HE USES AS THE BASE

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YEAR WE WERE SPENDING 5% ON

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PENSIONS IT'S 25%.

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PENSIONS ARE THE SINGLE ISSUE.

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WHAT ALL THE CREDIT RATING

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AGENCIES AND ALL THE BOND BUYERS

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ARE CONCERNED ABOUT GIVING US

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THE HIGH YIELDS WHICH COST

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TAXPAYERS AND WE NEED TO

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MEANINGFULLY NEED TO ADDRESS THE

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PENSION ISSUE.

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THAT PROTECTS EVERY DOLLAR THEY

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HAVE BEEN PROMISED BUT REDUCES

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THE FUTURE GROWTH RATE IN THE

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BENEFITS TO BRING THEM IN LINE

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WITH WHAT WE CAN AFFORD AND IT

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MAKES THE SYSTEM SUSTAINABLE.

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RIGHT NOW THE SYSTEMS ARE AT

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RISK OF INSOLVE VEN SI.

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>> DO YOU AGREE WITH THAT?

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>> I CANNOT SAY THAT I AGREE

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WITH IT THAT IS THE HILL THAT

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THE RAUNER ADMINISTRATION CHOSE

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TO DIE ON.

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NOT JUST IN THE LEGISLATURE

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BUT AT THE JUDICIARY LEVEL AS

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WELL.

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TO ACHIEVE PENSION REFORM, THE

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ANSWER IS NOT GOING TO BE TO

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MOVE PEOPLE TO A 401K BECAUSE

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THERE'S GOING TO COME A POINT IN

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TIME WHEN THE STOCK MARKET IS

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NOT AS ROBUST AS IT IS RIGHT

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NOW.

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AND THEN PEOPLE ARE GOING TO BE

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LEFT VERY VULNERABLE.

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THAT SAID, I DO THINK THAT THERE

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IS A WAY TO CONSOLIDATE CERTAIN

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PENSION FUNDS AND HAVE A MORE

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BALANCED INVESTMENT PORTFOLIO.

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>> SO I TAKE FROM THE TWO OF YOU

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IN THE 10 SECONDS WE HAVE, THAT

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NEITHER ONE OF YOU THINK THIS IS

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BALANCED BUT IT'S NICE THAT

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PEOPLE ARE GETTING ALONG

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FINALLY?

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IS THAT A FAIR SUMMARY?

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>> I DON'T WANT TO BUY INTO THAT

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CHOICE.

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I THINK WE NEED A TRULY BALANCED

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BUDGET THAT GIVES TAXPAYERS THE

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RESPECT THEY DESERVE.

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>> AND I GIVE IT MUCH, MUCH MORE

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CREDIT THAN THAT.

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AND THE CENTER FOR ILLINOIS

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POLITICS HAS DONE AN EXCELLENT

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ANALYSIS.

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I AM A BOARD MEMBER OF THE

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CENTER AND I ENCOURAGE PEOPLE TO