Pritzker Pitches Wall Street
Governor JB Pritzker pitched Wall Street Monday on a state bond sale.
Ahead of an expected bond sale this week, Governor JB Pritzker jetted to New York Monday to sell investors on the state’s improving fiscal health amid turmoil on financial markets.
The state plans to sell $2.5 billion in general obligation bonds as early as tomorrow. Pritzker and several top staff briefed Wall Street investors Monday and took wide ranging questions on state finances.
Pritzker was repeatedly asked about the state’s infamous pension systems, defending that pension buyouts, consolidations, and increases in pension payments are slowly turning the tide on the traditional sore spot in state government.
“It took us decades to get us into the situation that we got into in Illinois,” Pritzker said. “We are moving in the right direction and it may take us a few years for us to get out of that. But, as long as we’re moving in the right direction, the legislature is doing the things that are necessary, the Governor leading in that direction, I think you should have some confidence that we’re getting where we need to be.”
Pritzker also defended the balance being made increasing the state’s rainy day fund, especially with progressives pushing for increased spending on social services.
“We keep raising this with the legislature,” Pritzker said. “You can imagine, you’re always in a debate about whether there are social services, for example, that need to be funded, or education that needs to be funded at the same time you’re putting money into the rainy day fund. I think you can do them at the same time and we have been. The legislature’s been amenable to that and understands why it’s important, I think.”
Pritzker demurred criticism of Chicago’s crime and fiscal problems and pointed to his single meeting with Mayor-elect Brandon Johnson in the days following the runoff in early April.
But, Pritzker again threw water on one of Johnson’s key tax ideas, a tax on each financial transaction and market trade.
“It’s not popular in the legislature. It’s not something that would be good or smart for the state, in my view. I know there are differing opinions about this,” Pritzker said. “We’re a state that isn’t going to change our position on it.”
Though, Pritzker admitted through a wry smile he didn’t intend to let his opposition to one of Johnson’s key plans leak.
“Don’t think I meant to let that slip out while we were talking to the press,” Pritzker said.
The two men are scheduled to meet again this week as Johnson will try to get state concessions before the spring session adjourns. Johnson is sworn in May 15 and the legislature is scheduled to adjourn May 19, so Pritzker admitted time is of the essence.