The below Letter to the Editor by the CFA’s Bruce Reznick was published here on May 21, 2013 in the online version of the Chicago Tribune.
So Illinois is in such dire financial shape that it must violate the contractual retirement agreements with teachers and other state workers. I’ve taught at the University of Illinois since 1979 and am one of those who would be cheated by the bills under discussion in the legislature.
Why stop there? The crisis should require every company with a state contract get paid 20 percent less, and every company with a state concession should pay 20 percent more. I’m looking at you, casinos. This is an emergency!
We all know such actions are unrealistic and near impossible. Companies make business decisions based on signed contracts. You can’t change them after commitments have been made.
Well, people are corporations too, my friend. People are corporations too.
– Bruce Reznick, Urbana