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Illinois State Representative Mike Bost argues sensible pension reform options are needed to meet over $80 billion in obligations to state workers.
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-- -- -- -- -- -- -- -- -- -- OPEC to reform gets a lot of people hot under the collar but a few weeks ago.
-- state legislator really blew a gasket during a debate over pensions frustrated Illinois State representative Mike boast.
Through his papers in the air shattered I'm sick and let -- let my people go why was he so mad.
How will states deal with the increasing calls for pension reform joining me now is Illinois State representative Mike -- and what level of -- -- -- -- kind of famous.
-- but I went viral it's it's.
I understand your frustration you've been handled in the legislature for eighteen years I think if I have -- -- right.
And this is something that that is crescendo -- now with all the problems why now why -- well -- -- -- that changed along the way where they started Jews -- up the benefits.
Well no not necessary addition of the benefits they shorted payments they -- payments back.
Twenty years ago thirty years ago.
And then again about eight years ago.
Plus the fact they did -- -- up but during that time.
-- how early people retire.
Also.
In lieu of to try to reduce.
The cost for education to let people retire early all of these things and all of those have an effect of the five pension system just tremendously aren't.
That Illinois and California seem to be in a race about who's gonna go broke first.
I mean it's it's asset even even Chicago mayor Rahm Emanuel saying I I can't afford my basic city services anymore.
So he seems like you've got some support from the other side of the I'll.
What is the holder because I saw you you folks had a vote and end for -- -- -- went down at the very.
-- holder.
That the holdup is is that.
That the speaker of the house Mike Madigan came in that the last moment.
Changing and build -- we've been working on for a year and a half so that they burden would be shifted to the property owners downstate and away from Chicago.
Which it was not their responsibility.
It today at partial responsibility -- Chicago who has a larger population also needs to fund this bill.
-- it's 887.
87 billion dollar debt.
Long term our our our payment is seven billion a year why did -- speaker changes.
Who got to.
I I'm not sure who got to hand man and that's what bothers me most of all well.
I -- I don't know whether he wanted to break down the negotiations.
Things weren't going the way he wanted I don't know whether he feels that he gets to negotiate with the unions during the during this election cycle -- I I have no idea all I know is at the long term -- and it's my children and grandchildren we have to get a -- we have to fix the problem.
We have the options that are available some sensible options that we can still meet our obligation but yet change it for the future so it's affordable.
Are right but your fellow -- legislative members there in Springfield.
Said no to pension reform you've grown it was a hello that it was after you -- that that fit that went to the boat in the end it was turned down.
No actually it it it never went to vote it never went to a vote aren't the problem was we had enough votes.
On our side of the aisle we believe that the original bill had enough votes on their side of the -- But because of the changes that were done by the speaker.
In the last 24 hours.
Those changes would not allow for the opportunity to move the bill forward to -- year for the bill was pulled from the record now we're still trying to work on it.
We're trying to work at this time the sad thing is that after that date.
Instead of taking sixty votes in the house it now takes a super majority which is 71 votes we are having trouble getting sixty.
-- you get it done.
We're gonna have to get it done we're gonna have to sat -- -- all parties involved well one thing is as we have to bring all -- inspiration parties it to the table.
We have to make sure that our.
Unions and or that the engineers have to -- moving the goal line.
So we can actually.
Establish where that line is and set something up in place we're gonna have to make sure and fortunately -- Newer employees are gonna have to work longer.
There's gonna have to be shared contribution.
We're gonna have to Rick possibly know we're -- definitely gonna have to change the long term situation where we are paying a 3% cola compound that.
We can't do that anymore we're gonna have to -- it was CPI -- modified in some way we got to reduce that debt.
-- right.
That was well we we we should but show's success we're gonna go working very hard at a dealer and employs a statement -- -- Mike post thanks for joining us.
