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.