1
00:00:03,033 --> 00:00:08,466
SEGMENT.

2
00:00:03,233 --> 00:00:08,800
AND NOW TO CAROL MARIN AND

3
00:00:06,433 --> 00:00:09,466
DISSECTING THE $40 BILLION STATE

4
00:00:08,466 --> 00:00:12,233
BUDGET.

5
00:00:08,800 --> 00:00:13,900
>> THANK YOU, PARIS.

6
00:00:09,466 --> 00:00:15,466
A BALANCED BUDGET AND A PATH TO

7
00:00:12,233 --> 00:00:17,833
FULLY FUND PENSIONS OVER TIME.

8
00:00:13,900 --> 00:00:19,533
THAT IS WHAT GOVERNOR J.B.

9
00:00:15,466 --> 00:00:21,800
PRITZKER AND LAWMAKERS FROM BOTH

10
00:00:17,833 --> 00:00:23,533
SIDES OF THE AISLE CLAIMED AFTER

11
00:00:19,533 --> 00:00:24,000
PASSING AND SIGNING INTO LAW A

12
00:00:21,800 --> 00:00:27,300
NEW STATE BUDGET EARLIER THIS

13
00:00:23,533 --> 00:00:29,500
MONTH.

14
00:00:24,000 --> 00:00:32,166
WITH ILLINOIS FACING $134

15
00:00:27,300 --> 00:00:34,600
BILLION IN UNFUNDED PENSION

16
00:00:29,500 --> 00:00:37,066
LIABILITIES IN MORE THAN $7

17
00:00:32,166 --> 00:00:37,433
BILLION IN OUTSTANDING BILLS

18
00:00:34,600 --> 00:00:39,033
SHOULD ILLINOIS TAXPAYERS BE

19
00:00:37,066 --> 00:00:42,833
RELIEVED?

20
00:00:37,433 --> 00:00:46,633
OR SHOULD THEY BE WARY?

21
00:00:39,033 --> 00:00:48,866
JOINING US TO SHARE THEIR TAKES,

22
00:00:42,833 --> 00:00:51,733
JEFF SCHOENBERG PRINCIPAL AT

23
00:00:46,633 --> 00:00:53,233
VICE SCHOENBERG IMPACT ADVISORS

24
00:00:48,866 --> 00:00:55,100
AND A DEMOCRAT WHO SERVED AS

25
00:00:51,733 --> 00:00:56,600
ASSISTANT MAJORITY LEADER DURING

26
00:00:53,233 --> 00:00:58,900
HIS TIME IN THE SENATE.

27
00:00:55,100 --> 00:01:01,600
AND ADAM SCHUSTER DIRECTOR OF

28
00:00:56,600 --> 00:01:03,133
BUDGET AND TAX RESEARCH AT THE

29
00:00:58,900 --> 00:01:05,666
ILLINOIS POLICY INSTITUTE.

30
00:01:01,600 --> 00:01:06,866
THANKS BOTH OF YOU FOR COMING

31
00:01:03,133 --> 00:01:07,400
BACK TO "CHICAGO TONIGHT."

32
00:01:05,666 --> 00:01:10,433
SO, JEFF SCHOENBERG LET ME START

33
00:01:06,866 --> 00:01:12,200
WITH YOU.

34
00:01:07,400 --> 00:01:13,766
YOU HEARD THAT BIPARTISAN

35
00:01:10,433 --> 00:01:15,966
RESOUNDING CELEBRATION WE GOT

36
00:01:12,200 --> 00:01:19,233
ALONG WE GOT SOMETHING DONE.

37
00:01:13,766 --> 00:01:20,533
YOU HAVE BEEN A STATE SENATOR

38
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AND REP UNDER FIVE GOVERNORS

39
00:01:19,233 --> 00:01:23,066
THREE AND REPUBLICANS, TWO

40
00:01:20,533 --> 00:01:25,633
DEMOCRATS YOU'VE HEARD THIS

41
00:01:22,166 --> 00:01:26,166
DECLARED BEFORE.

42
00:01:23,066 --> 00:01:28,733
IS THIS A BALANCED BUDGET

43
00:01:25,633 --> 00:01:30,166
REALLY?

44
00:01:26,166 --> 00:01:33,333
>> I THINK THAT IT'S PREMATURE

45
00:01:28,733 --> 00:01:34,233
TO ROLL OUT THE MISSION

46
00:01:30,166 --> 00:01:39,966
ACCOMPLISHED BANNER ON THE

47
00:01:33,333 --> 00:01:42,366
AIRCRAFT CARRIER.

48
00:01:34,233 --> 00:01:43,633
THAT SAID, THE LEVEL OF CONFLICT

49
00:01:39,966 --> 00:01:46,133
AND INACTIVITY WAS SO GREAT THAT

50
00:01:42,366 --> 00:01:50,033
MANY VULNERABLE PEOPLE ACROSS

51
00:01:43,633 --> 00:01:50,366
THE STATE WERE BEING HARMED.

52
00:01:46,133 --> 00:01:52,166
MANY PROVIDERS WERE BARELY

53
00:01:50,033 --> 00:01:53,933
SOLVENT.

54
00:01:50,366 --> 00:01:57,033
MANY INSTITUTIONS IN OUR

55
00:01:52,166 --> 00:01:58,733
COMMUNITIES HAD ALL THEY COULD

56
00:01:53,933 --> 00:02:01,166
DO TO HOLD ON.

57
00:01:57,033 --> 00:02:02,900
SO COMPARATIVELY SPEAKING, I

58
00:01:58,733 --> 00:02:04,900
THINK THERE IS A GREAT SENSE OF

59
00:02:01,166 --> 00:02:06,900
ACCOMPLISHMENT AND JUSTIFIABLY

60
00:02:02,900 --> 00:02:10,066
SO AND I GIVE A LOT OF CREDIT TO

61
00:02:04,900 --> 00:02:11,000
GOVERNOR J.B. PRITZKER FOR

62
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HAVING INVESTED HIS TIME AND

63
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ESTABLISHING THE PERSONAL

64
00:02:11,000 --> 00:02:16,200
RELATIONSHIPS ON BOTH SIDES OF

65
00:02:12,266 --> 00:02:19,966
THE AISLE IN A RELATIVELY SHORT

66
00:02:14,800 --> 00:02:22,033
PERIOD OF TIME IN ORDER TO

67
00:02:16,200 --> 00:02:24,233
ARRIVE AT A CONSENSUS.

68
00:02:19,966 --> 00:02:25,033
>> ADAM, $134 BILLION IN

69
00:02:22,033 --> 00:02:27,533
UNFUNDED PENSION LIABILITIES.

70
00:02:24,233 --> 00:02:32,433
CRITICS ARE CALLING INTO

71
00:02:25,033 --> 00:02:32,766
QUESTION THAT $9 BILLION PAYMENT

72
00:02:27,533 --> 00:02:35,800
FOR NEXT YEAR SHOULD BE $13

73
00:02:32,433 --> 00:02:37,300
BILLION.

74
00:02:32,766 --> 00:02:38,666
AND THERE IN LIES SOME OF THE

75
00:02:35,800 --> 00:02:40,600
PROBLEMS AND SOME OF THE HOLES

76
00:02:37,300 --> 00:02:42,100
IN THE BALANCED BUDGET.

77
00:02:38,666 --> 00:02:42,633
DO YOU AGREE OR DISAGREE?

78
00:02:40,600 --> 00:02:46,100
>> YES, THIS IS NOT A TRULY

79
00:02:42,100 --> 00:02:48,400
BALANCED BUDGET.

80
00:02:42,633 --> 00:02:51,033
THE LAST TIME WE HAD A TRULY

81
00:02:46,100 --> 00:02:52,833
BALANCED BUDGET REVENUE CAME IN

82
00:02:48,400 --> 00:02:55,366
AT OR BELOW EXPENSES WAS 2001.

83
00:02:51,033 --> 00:02:56,500
EVERY YEAR ALMOST 19 YEARS NOW

84
00:02:52,833 --> 00:02:58,633
WE HAVE BEEN SAYING WE'VE PASSED

85
00:02:55,366 --> 00:02:58,933
BALANCED BUDGETS AND AT THE END

86
00:02:56,500 --> 00:03:02,333
OF THE YEAR THE TOTALS DO NOT

87
00:02:58,633 --> 00:03:04,900
MATCH.

88
00:02:58,933 --> 00:03:07,433
THE PENSION IS ONE OF THE BIG

89
00:03:02,333 --> 00:03:09,433
ISSUES LEFT UNADDRESSED.

90
00:03:04,900 --> 00:03:11,000
JUST YESTERDAY MOODY'S AND

91
00:03:07,433 --> 00:03:13,033
ANALYSTS CREDIT RATINGS AGENCY

92
00:03:09,433 --> 00:03:14,966
SAID ILLINOIS IS NOT GOING TO

93
00:03:11,000 --> 00:03:16,400
RECEIVE AN UPGRADE AND WORSE IN

94
00:03:13,033 --> 00:03:17,600
THE NATION CREDIT UNTIL WE HAVE

95
00:03:14,966 --> 00:03:18,966
MEANINGFUL ACTION ON PENSIONS

96
00:03:16,400 --> 00:03:21,533
AND THAT DID NOT HAPPEN.

97
00:03:17,600 --> 00:03:23,433
>> THERE WAS A LOT OF DISCUSSION

98
00:03:18,966 --> 00:03:24,200
HOW MARIJUANA IS GOING TO BRING

99
00:03:21,533 --> 00:03:26,866
A HUGE AMOUNT OF MONEY TO THE

100
00:03:23,433 --> 00:03:28,800
STATE.

101
00:03:24,200 --> 00:03:30,000
AND HOW LICENSING OF GAMBLING IS

102
00:03:26,866 --> 00:03:33,033
GOING TO BRING THAT TO THE

103
00:03:28,800 --> 00:03:33,566
STATE.

104
00:03:30,000 --> 00:03:36,566
ARE THOSE ESTIMATES

105
00:03:33,033 --> 00:03:39,766
OVERESTIMATES?

106
00:03:33,566 --> 00:03:40,033
>> I ACTUALLY THINK THAT THE

107
00:03:36,566 --> 00:03:41,466
ESTIMATES FOR SPORTS GAMING ARE

108
00:03:39,766 --> 00:03:44,533
LOW.

109
00:03:40,033 --> 00:03:46,333
BECAUSE ON-LINE GAMING AND

110
00:03:41,466 --> 00:03:48,433
SPORTS GAMING ARE AREAS THAT ARE

111
00:03:44,533 --> 00:03:51,933
VERY DYNAMIC IN THEIR GROWTH.

112
00:03:46,333 --> 00:03:53,700
NOT JUST HERE IN THE U.S. BUT IN

113
00:03:48,433 --> 00:03:56,333
EUROPE AS WELL.

114
00:03:51,933 --> 00:03:56,666
WHERE REVENUES WILL BE STAGNANT

115
00:03:53,700 --> 00:03:58,100
IS WITH THE EXPANSION OF CASINO

116
00:03:56,333 --> 00:03:59,666
GAMING.

117
00:03:56,666 --> 00:04:01,600
WHICH I NEVER SUPPORTED WHEN I

118
00:03:58,100 --> 00:04:04,233
WAS IN THE LEGISLATURE.

119
00:03:59,666 --> 00:04:05,400
BECAUSE WE NEVER SEEM TO TALLY

120
00:04:01,600 --> 00:04:08,833
UP THE HUMAN COST THAT RESULTS

121
00:04:04,233 --> 00:04:09,966
FROM GAMING.

122
00:04:05,400 --> 00:04:12,600
BUT THE MARKET IS SATURATEDDED

123
00:04:08,833 --> 00:04:14,400
FOR CASINOS.

124
00:04:09,966 --> 00:04:15,700
AND THE REAL MONEY THAT THE

125
00:04:12,600 --> 00:04:20,400
STATE COULD MAKE AT ONE TIME WAS

126
00:04:14,400 --> 00:04:21,566
OVER THE LICENSES BUT THE VALUE

127
00:04:15,700 --> 00:04:23,133
OF THE LICENSES HAS DROPPED

128
00:04:20,400 --> 00:04:25,366
PRECIPITOUSLY AND THEREFORE IT

129
00:04:21,566 --> 00:04:27,600
IS REALLY ALL THE STATE CAN DO

130
00:04:23,133 --> 00:04:28,366
TO HOLD ON TO THE CASINO

131
00:04:25,366 --> 00:04:30,733
REVENUES THAT THEY HAVE.

132
00:04:27,600 --> 00:04:32,600
>> ADAM GAMING?

133
00:04:28,366 --> 00:04:34,400
>> THE LAST TIME WE COUNTED ON

134
00:04:30,733 --> 00:04:36,900
MAJOR GAMBLING EXPANSION TO FUND

135
00:04:32,600 --> 00:04:37,733
CAPITAL PROJECTS, REVENUES CAME

136
00:04:34,400 --> 00:04:38,733
IN A BILLION DOLLARS BELOW

137
00:04:36,900 --> 00:04:41,200
EXPECTATIONS OVER THE COURSE OF

138
00:04:37,733 --> 00:04:42,866
10 YEARS.

139
00:04:38,733 --> 00:04:45,300
THEY ARE VOLATILE REVENUE SOURCE

140
00:04:41,200 --> 00:04:47,366
BOTH MARIJUANA AND CIGARETTES

141
00:04:42,866 --> 00:04:48,933
AND GAMBLING OTHER REVENUE

142
00:04:45,300 --> 00:04:51,100
SOURCES HERE THESE ARE VOLATILE

143
00:04:47,366 --> 00:04:52,933
THEY ARE REGRESSIVE AND WE

144
00:04:48,933 --> 00:04:54,733
SHOULD NOT BE COUNTING ON THEM.

145
00:04:51,100 --> 00:04:58,600
A HEALTHY STATE DOES NOT HAVE TO

146
00:04:52,933 --> 00:04:59,733
COUNT ON THESE.

147
00:04:54,733 --> 00:05:01,400
WE SURE MAKE SURE OUR EXPENSES

148
00:04:58,600 --> 00:05:03,466
ARE MATCHING.

149
00:04:59,733 --> 00:05:05,033
>> WE ARE NOT A HEALTHY STATE

150
00:05:01,400 --> 00:05:06,066
AND WHEN YOU ARE DESPERATE,

151
00:05:03,466 --> 00:05:07,566
DESPERATE TIMES REQUIRE

152
00:05:05,033 --> 00:05:08,933
DESPERATE MEASURES.

153
00:05:06,066 --> 00:05:10,700
>> YES, BUT THAT IS THE SAME

154
00:05:07,566 --> 00:05:11,700
FALSE CHOICE THAT IS BEING

155
00:05:08,933 --> 00:05:15,100
PRESENTED WHEN WE APPLAUD

156
00:05:10,700 --> 00:05:16,433
LAWMAKERS FOR DOING THEIR ROLE

157
00:05:11,700 --> 00:05:18,866
OF GETTING A BUDGET PASSED NOT A

158
00:05:15,100 --> 00:05:21,033
BALANCED BUDGET.

159
00:05:16,433 --> 00:05:22,933
IT'S UP TO $1.3 BILLION OUT OF

160
00:05:18,866 --> 00:05:23,366
BALANCE WHEN YOU COUNT FOR

161
00:05:21,033 --> 00:05:24,733
REALISTIC REVENUE AND

162
00:05:22,933 --> 00:05:25,066
EXPENDITURES.

163
00:05:23,366 --> 00:05:27,466
IT IS NOT A TRULY BALANCED

164
00:05:24,733 --> 00:05:29,200
BUDGET.

165
00:05:25,066 --> 00:05:30,633
WE SHOULDN'T BE RELYING ON THE

166
00:05:27,466 --> 00:05:31,433
REVENUE SOURCES WE SHOULD BE

167
00:05:29,200 --> 00:05:34,266
TACKLING THE CORE SPENDING

168
00:05:30,633 --> 00:05:36,166
PROBLEM THAT WE HAVE.

169
00:05:31,433 --> 00:05:38,166
THE PROBLEM IS HERE FOR A DECADE

170
00:05:34,266 --> 00:05:39,800
OR TWO DECADES OUR SPENDING IS

171
00:05:36,166 --> 00:05:40,900
GROWING FASTER THAN THE REVENUES

172
00:05:38,166 --> 00:05:43,033
AND WE HAVE TO DO A

173
00:05:39,800 --> 00:05:44,900
CONSTITUTIONAL AMENDMENT TO

174
00:05:40,900 --> 00:05:46,100
ALLOW US TO BE REASONABLE

175
00:05:43,033 --> 00:05:47,266
PENSION FORM THAT SECURES THE

176
00:05:44,900 --> 00:05:49,300
RETIREMENT SECURITY OF

177
00:05:46,100 --> 00:05:50,566
GOVERNMENT WORKERS AND TAXPAYERS

178
00:05:47,266 --> 00:05:52,100
ARE PROTECTED AS WELL.

179
00:05:49,300 --> 00:05:54,200
>> SPENDING IS ALWAYS

180
00:05:50,566 --> 00:05:56,766
HIGHLIGHTED DOESN'T MATTER WHAT

181
00:05:52,100 --> 00:05:58,733
YEAR OR WHAT CAMPAIGN.

182
00:05:54,200 --> 00:06:00,866
ARE THERE, JEFF, SPENDING CUTS

183
00:05:56,766 --> 00:06:02,566
THAT CAN BE MADE TO SOMEHOW

184
00:05:58,733 --> 00:06:06,733
BRING THIS INTO BALANCE?

185
00:06:00,866 --> 00:06:08,400
>> WELL, ONE OF THE IN ADDITION

186
00:06:02,566 --> 00:06:09,566
TO PENSIONS ONE OF THE LARGEST

187
00:06:06,733 --> 00:06:12,366
GROWTH AREAS OF SPENDING IN THE

188
00:06:08,400 --> 00:06:13,900
STATE IS MEDICAID.

189
00:06:09,566 --> 00:06:16,900
AND REMEMBER, JUST BECAUSE

190
00:06:12,366 --> 00:06:18,566
THERE'S A PARTICULAR DOLLAR

191
00:06:13,900 --> 00:06:21,666
FIXED FOR THE AMOUNT OF STATE

192
00:06:16,900 --> 00:06:24,433
AUTHORIZATION FOR MEDICAID

193
00:06:18,566 --> 00:06:27,300
SPENDING, ONLY ONE OF EVERY $2

194
00:06:21,666 --> 00:06:28,733
COMES FROM STATE EITHER

195
00:06:24,433 --> 00:06:30,900
MARIJUANA TAXES OR SOME OTHER

196
00:06:27,300 --> 00:06:32,133
FORM OF TAXES.

197
00:06:28,733 --> 00:06:33,733
AND THAT IN TURN GIVES US THE

198
00:06:30,900 --> 00:06:35,966
OPPORTUNITY TO CAPTURE A

199
00:06:32,133 --> 00:06:40,433
MATCHING DOLLAR FROM WASHINGTON

200
00:06:33,733 --> 00:06:42,733
TO PAY FOR MEDICAID.

201
00:06:35,966 --> 00:06:44,566
TWO-THIRDS OF MEDICAID IS FOR

202
00:06:40,433 --> 00:06:45,933
MENTAL HEALTH AND DEVELOPMENTAL

203
00:06:42,733 --> 00:06:47,666
DISABILITIES AND LONG-TERM CARE.

204
00:06:44,566 --> 00:06:51,033
>> IS THE ANSWER WE HAVE

205
00:06:45,933 --> 00:06:54,433
SPENDING CUTS TO MAKE OR NOT?

206
00:06:47,666 --> 00:06:55,133
>> I THINK THAT THE ANSWER IS

207
00:06:51,033 --> 00:06:57,666
SPENDING CUTS WILL BE AT THE

208
00:06:54,433 --> 00:07:00,466
MARGINS.

209
00:06:55,133 --> 00:07:02,100
PARTICULARLY IF THERE IS A

210
00:06:57,666 --> 00:07:06,266
STRONG WILL TO INCREASE THE

211
00:07:00,466 --> 00:07:08,966
INVESTMENT IN EDUCATION.

212
00:07:02,100 --> 00:07:11,000
NOT JUST HIGHER EDUCATION, WHICH

213
00:07:06,266 --> 00:07:12,000
REGRESSED FOR A LONGTIME AND

214
00:07:08,966 --> 00:07:13,466
K-12 WHICH ROSE, BUT EARLY

215
00:07:11,000 --> 00:07:15,600
CHILDHOOD EDUCATION WHICH I KNOW

216
00:07:12,000 --> 00:07:16,833
IS A PASSION OF THE GOVERNOR'S

217
00:07:13,466 --> 00:07:20,100
AND HE IS DETERMINED TO MAKE

218
00:07:15,600 --> 00:07:22,100
ILLINOIS A NATIONAL LEADER

219
00:07:16,833 --> 00:07:24,333
THERE.

220
00:07:20,100 --> 00:07:27,133
>> ADAM, RALPH MARTIRE SAID THAT

221
00:07:22,100 --> 00:07:28,566
MAKING CUTS DOESN'T ADDRESS THE

222
00:07:24,333 --> 00:07:31,166
FACT THAT ILLINOIS HAS BEEN

223
00:07:27,133 --> 00:07:33,166
DISINVESTING IN THE CORE

224
00:07:28,566 --> 00:07:34,666
SERVICES LIKE HIGHER ED OR LIKE

225
00:07:31,166 --> 00:07:36,466
MENTAL HEALTH FOR 20 YEARS.

226
00:07:33,166 --> 00:07:38,400
IS HE WRONG ABOUT THAT?

227
00:07:34,666 --> 00:07:39,333
>> NO, WE LARGELY AGREE THAT THE

228
00:07:36,466 --> 00:07:42,566
STATE IS NOT PROVIDING VALUABLE

229
00:07:38,400 --> 00:07:43,900
SERVICES TO THE RESIDENTS AND

230
00:07:39,333 --> 00:07:45,533
THEY ARE NOT GETTING A GOOD BANG

231
00:07:42,566 --> 00:07:47,400
FOR THE TAX DOLLAR AND RALPH

232
00:07:43,900 --> 00:07:48,866
MARTIRE POINTS TO THE FACT IN

233
00:07:45,533 --> 00:07:49,933
REAL TERMS ADJUSTED FOR

234
00:07:47,400 --> 00:07:50,833
INFLATION SPENDING ON KEY

235
00:07:48,866 --> 00:07:52,766
PRIORITIES LIKE HIGHER EDUCATION

236
00:07:49,933 --> 00:07:55,100
IS DOWN.

237
00:07:50,833 --> 00:07:58,100
THAT IS BECAUSE BACK IN 2000,

238
00:07:52,766 --> 00:08:00,266
THE YEAR HE USES AS THE BASE

239
00:07:55,100 --> 00:08:01,700
YEAR WE WERE SPENDING 5% ON

240
00:07:58,100 --> 00:08:05,366
PENSIONS IT'S 25%.

241
00:08:00,266 --> 00:08:07,100
PENSIONS ARE THE SINGLE ISSUE.

242
00:08:01,700 --> 00:08:08,933
WHAT ALL THE CREDIT RATING

243
00:08:05,366 --> 00:08:10,933
AGENCIES AND ALL THE BOND BUYERS

244
00:08:07,100 --> 00:08:14,600
ARE CONCERNED ABOUT GIVING US

245
00:08:08,933 --> 00:08:16,333
THE HIGH YIELDS WHICH COST

246
00:08:10,933 --> 00:08:17,166
TAXPAYERS AND WE NEED TO

247
00:08:14,600 --> 00:08:18,900
MEANINGFULLY NEED TO ADDRESS THE

248
00:08:16,333 --> 00:08:20,966
PENSION ISSUE.

249
00:08:17,166 --> 00:08:22,500
THAT PROTECTS EVERY DOLLAR THEY

250
00:08:18,900 --> 00:08:24,133
HAVE BEEN PROMISED BUT REDUCES

251
00:08:20,966 --> 00:08:26,133
THE FUTURE GROWTH RATE IN THE

252
00:08:22,500 --> 00:08:27,833
BENEFITS TO BRING THEM IN LINE

253
00:08:24,133 --> 00:08:29,666
WITH WHAT WE CAN AFFORD AND IT

254
00:08:26,133 --> 00:08:33,066
MAKES THE SYSTEM SUSTAINABLE.

255
00:08:27,833 --> 00:08:35,600
RIGHT NOW THE SYSTEMS ARE AT

256
00:08:29,666 --> 00:08:37,033
RISK OF INSOLVE VEN SI.

257
00:08:33,066 --> 00:08:38,166
>> DO YOU AGREE WITH THAT?

258
00:08:35,600 --> 00:08:40,100
>> I CANNOT SAY THAT I AGREE

259
00:08:37,033 --> 00:08:42,033
WITH IT THAT IS THE HILL THAT

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00:08:38,166 --> 00:08:44,833
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