What’s in store for Pritzker budget address

Posted on February 20, 2019

By Dave Dahl

SPRINGFIELD– After Gov. J.B. Pritzker gives his budget speech at noon today, you can be sure someone will accuse him of kicking the pension can down the road.

But he says there’s more to it than shorting pension payments $800 million a year and extending the payment ramp by seven years. He says that’s just one point of a five-point plan.

“One of them is to contribute assets to offset liabilities in the system,” Pritzker told reporters Tuesday. “Another one is to extend the buyout program so we are buying out people who choose that option, who are retirees, whether it’s their COLA they want bought out of or their pensions altogether; another one is a pension obligation bond that replaces debt that is already in the system.”

And there’d be extra going to pensions, if the state switches to a graduated income tax.

Pritzker, who reportedly wants to keep the income tax where it is for now, is also counting on legalized marijuana to provide revenue.

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