Thursday, February 12, 2015

Governor Bruce Rauner says it's time to Break Illinois

In his State of the State Address, Bruce Rauner laid out his vision for Illinois Workers; Wage Slavery and Corporate Bondage.
"It is make or break time for the Land of Lincoln," Illinois Governor Bruce Rauner.
As always Rauner was short on specifics, he nonetheless let the Public Employee and Private Sector workers in Illinois know that he'll not stand for them making so much money.

Rauner declared his intent to destroy Unions (both Public and Private) and Public Sector Bargaining and he'll do so by whatever means available. Bruce Rauner issued an Executive Order declaring "Fair Share" employees Union dues should be held in a Trust until he can get his "Employee Empowerment Zones" established.

Rauner's Employee Empowerment Zones are the newest attempt to undercut Unions by allowing local muncipalities to create Right-to-Work Zones without the State of Illinois passing the necessary legislation.

Right-to-Work laws are best known as Right-to-Work for Less. Once passed these laws transfer all bargaining power to Business, which immediately enact cuts to pay and benefits.

Rauner claims these Orwellian-titled Empowerment Zones are needed because of the broken economic situation in Illinois. Of course, it was Bruce Rauner and his Hedge Fund Wealth Manager buddies who broke Illinois Public employees pensions.

By Rauner's own estimate 2/3rds of the funds for his Hedge Fund Firm GTCR were supplied by Public Pensions. In Illinois, GTCR "mismanaged" money for the Illinois Teachers' Retirement System (TRS) and the Illinois State Board of Investment, the state's largest and third-largest, respectively. Additionally, GTCR had access to state and municipal pension plans from the San Francisco City and County Employees' Retirement System to the Massachusetts Pension Reserves Investment Management Board.

For this "work" GTCR, takes 20% or more plus consultation and management fees. Rauner got his compensation no matter what the funds he "managed" did.

So, it's not surprising that Illinois and other Public Pensions began to go into insolvency once Rauner and other Vandal Capitalists got their hands on the funds. In fiscal year 2009, TRS lost $4.4 Billion (22% of its' value) in 2008 TRS lost 5% of it's value because of the Management of their Portfolios by Rauner-types.

Rauner made his fortune through "coin-clipping" he and his Vandal Capitalists clipped points off of Worker's Pensions to make their fortunes. Additionally, in keeping with his Transfer of Wealth Upwards, Rauner wants to lower taxes on the Rich and Corporations and expand sales taxes because those taxes hit the Working Class the hardest.

Rauner and his aides know exactly what Employee Empowerment Zones, his Reverse Robin Hood Tax Rates and Theft of Pensions will do to Illinois during interviews with the Chicago Tribune; how to improve the state's business climate as companies move out of state in search of a cheaper workforce.

So yes, Rauner wants to bring jobs here, the kind of jobs where you work 40 hours a week for wages which barely get you over the poverty line, with no prospects of being able to retire and no pension, working until the day you die.

4 comments:

WHackwhacker said...

He wants to make Illinois "South Wisconsin." For that, we'd like to thank all the Democrats who sat on their asses last Election Day.

Grung_e_Gene said...

Worse than that are the 35% of Union members that voted for this implacable foe of Unions and the Working Class.

One Fly said...

Hate to say it and GG your comment covers it - across the nation people are getting what they wanted. It's crazy but this is where we're at.

Grung_e_Gene said...

The new Illinois Comptroller stated Rauner's Executive Order wasn't legal and her office would not follow it.

So last night Rauner and his staff decided to have state payrolls withhold the funds anyway.

By Any Means Necessay Bruce Rauner will grind the Working Class under his heel.