Ed Bachrach fronts for the Illinois Policy Institute. His pension solutions are deplorable.

A friend wrote me the other day asking my thoughts on Ed Bachrach’s pension solution.

Don’t confuse Ed with Burt.

Burt Bacharach wrote What the World Needs Now and Walk On By.

Which I love.

But he also wrote Raindrops Keep Falling on My Head.

Which I hate.

Ed (not Burt) wrote an op ed piece for the Tribune the other day on his ideas for solving the pension problem in Illinois.

I didn’t hate it. It was just stupid. I’ll explain why briefly in a moment.

Ed Bachrach’s knowledge of pensions is based on his long career in the field of owning a men’s clothing company. But he got tired of that and sold it and then got sued for fooling around with the company’s worth at the time of sale. He beat that rap.

“Success isn’t doing what you like, it’s learning to like what you have to do,” he says, repeating one of the many inspirational quotes he has collected over the years.

Does that inspire you? Me neither.

Apparently what he had to do was to create something called The Center for Pension Integrity. If you thought that integrity means doing what is right, constitutional or a moral obligation, you would be mistaken.

Ed’s Trib piece calls for none of that. Ed’s solution is for the feds to seize our pension system, pay us pennies on the dollar and move on.

Ed’s solutions wouldn’t pass the laugh test of the Illinois Supreme Court.

But here is what Ed doesn’t mention: He sits on the board of the leading corporate anti-union, pension-bashing organization in the state of Illinois. That would be the Illinois Policy Institute.

I wouldn’t even buy a suit from this guy.

Walk on by.

 

5 thoughts on “Ed Bachrach fronts for the Illinois Policy Institute. His pension solutions are deplorable.

  1. Ed Bacharach and the IPI appear to be in good company with some people who we can trust about as much as we trust Rahm and Rauner

    Ties to the Koch Brothers
    As of August 2016, IPI is listed as a “partner organization” in the Charles Koch Institute’s Liberty@Work program.[3]

    IPI has also received $789,206 from DonorsTrust and $807,750 from Donors Capital Fund between 2010 and 2014.

    A report by the Center for Public Integrity exposes a number of DonorsTrust funders, many of which have ties to the Koch brothers. One of the most prominent funders is the Knowledge and Progress Fund, a Charles Koch-run organization and one of the group’s largest known contributors, having donated at least $8 million since 2005. Other contributors known to have donated at least $1 million to DonorsTrust include the Richard and Helen DeVos Foundation, Donald & Paula Smith Family Foundation, Searle Freedom Trust, Lynde and Harry Bradley Foundation, and the John M. Olin Foundation.[4]

  2. Ed’s solutions wouldn’t pass the laugh test of the Illinois Supreme Court. If the federal government acted, the Illinois Supreme Court wouldn’t have much to say about it. Laugh test: knowledge of the Constitution’s Supremacy Clause; oops – you failed.

  3. It didn’t meet the laugh test anywhere. The biggest laugh is how this guy conned a private equity outfit like Rauners into paying $163000 a store for a failing men’s chain. I wonder if he had them in failing malls as well.Does make me wonder what these PE outfits own.He may know nothing about constitutions but he does know how to find the greater fool.

  4. Another day, another desperate Rauner type of idea about “solving” public pensions through various forms of not paying, AKA pension theft.

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