Tag Archives: Jill Krowinski

Why the Sudden Reticence, Madame Treasurer?

This kinda got lost in the wake of Speaker Jill Krowinski’s retreat on pension reform, but Treasurer Beth Pearce has taken a curious stand on fund management. She seems dead set against a legislative review of the pension funds’ track record.

Normally she’s a fiscal bloodhound, whenever shy about exploring any and all financial issues to the last decimal point and sounding the alarm when she sees fit. But not this one time.

As a reminder, the state treasurer occupies one of seven seats on the Vermont Pension Investment Committee, which makes the investment decisions.

I’d been wondering how the pensions underperformed badly during a historically long bull market. I mean, couldn’t a roomful of monkeys with Bloomberg terminals make money on Wall Street these days? Now, Seven Days’ Kevin McCallum has put numbers to my feeling.

Over the last decade, the S&P 500, a benchmark for the U.S. stock market, enjoyed an average annual return of 13.6 percent. Over that same period, Vermont’s public pension funds earned an average of just 7.2 percent a year from its investments.

That’s not an entirely fair comparison, as McCallum pointed out, since pension funds can’t take chances with their investments. But then he compared Vermont’s funds to other similarly sized public pension funds, and found that Vermont ranked 69th out of 100. Not exactly sterling.

Members of the House Government Operations Committee, who risked political suicide by exploring Krowinski’s reform plan, aren’t happy with the funds’ performance. Committee vice chair John Gannon, who has financial credentials to rival Pearce’s*, called the funds’ performance “horrendous.” Yikes.

*Eleven years at the Securities and Exchange Commission and several at the Financial Industry Regulatory Authority.

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The Speaker Runs for Cover

Well, that didn’t take long.

After steadfastly insisting that Vermont’s public sector pension plans urgently needed an immediate overhaul, House Speaker Jill Krowinski sounded the retreat Friday morning.

It stands to reason, considering the intense backlash her plan received since it was kinda-sorta unveiled on March 24. (Only nine days ago!) Krowinski has now fallen back on the lawmaker’s favorite way to defer tough decisions: a task force.

I guess the situation somehow got a lot less critical.

She deserves credit for gracefully abandoning an unsustainable position. But how did she not see this coming?

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So Many Sad Crocodiles

I tried to watch Tuesday’s kabuki performance hearing of the House Government Operations Committee, but was repeatedly thwarted by a bad Internet connection. (Thanks, Consolidated Communications!) Still, I saw enough to realize what was going on. And enough to be completely fed up with all the expressions of dismay from Democratic officeholders.

The short version: The fix is in. The skids are greased. Following two days of dog-and-pony public hearings, the committee picked up on Tuesday exactly where it left off on Friday afternoon: Charging ahead with a reform plan that will substantially devalue pensions for teachers and state employees.

So, thanks to all those who testified. For your time and trouble, you get a lovely parting gift: our Pension Reform Home Game. Now you can play God with other people’s pensions, just like our legislative leaders!

One thing every committee member can agree on (well, except the three Republicans, they don’t seem to mind at all) is that these are difficult, painful conversations. In the brief statement she read at the beginning of the second public hearing Monday, committee chair Sarah Copeland Hanzas used the word “difficult” three times. “These are really difficult conversations,” “Everyone has had a tremendously difficult year,” “this conversation couldn’t have come at a more difficult time.” In her testimony on Tuesday, Treasurer Beth Pearce said “When we gave our recommendations, we did so with a great deal of reluctance… these are painful.” Other Dems chimed in with similar expressions of saditude throughout Tuesday’s hearing.

Pardon me if I can’t appreciate the self-pity parade. These conversations are waaaaay less “difficult” for elected officials than for the folks who’ll take it in the shorts if this plan (or something like it) takes effect.

Here’s another thing that’s cratering my sympathy for our poor hard-working betters: They’re lying about where we are in the process.

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Phil Scott’s Getting a Free Pass on Pensions, and the Democrats Are Letting Him Get Away With It

Legislative leadership is rightly getting an earful from teachers, state employees and union supporters over the emerging make-workers-pay pension reform plan. But let’s not overlook the fact that Gov. Phil Scott is playing no role whatsoever in devising a solution to this very large problem.

As he has done on issue after issue throughout his governorship, he is sitting back and letting the Legislature do the hard work and take the punishment. Then, after all their blood, sweat and tears, he saunters in, gives a thumbs-up or thumbs-down, and ambles away. If it’s thumbs down, the Legislature gets another try at guessing what will be acceptable to him.

This isn’t my idea of leadership. But who can blame the gov, considering that it works so well for him?

Over and over again, Scott sits out a tough policy debate — and the Democrats let him get away with it. They bargain against themselves. They begin with a position that’s more than halfway to his side, and they only give ground from there. The governor doesn’t get exactly what he wants, but the Democrats get far less. And they look weak in the process.

You’d think the Democrats would have learned by now. But no, here they are doing the same damn thing on pensions — and in the process, betraying one of their core constituencies.

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The Reign of the Invisible Man

Harlan Sylvester, large and in charge (Not Exactly As Illustrated)

The House Democrats’ ill-considered pension reform plan was the icing on the cake, the topper in a series of events that expose the fundamentally centrist nature of the party and its officeholders.

And this I trace to the all-encompassing influence of one Harlan Sylvester.

For those just tuning in, Sylvester is a longtime money manager who shuns the limelight — but for decades, he has been the kingmaker of Vermont politics. You don’t get to the top of the heap without his blessing. And it sure seems like the modern Democratic Party has been fashioned according to his fiscally conservative taste.

There have been occasional press profiles about him, and they all describe him the same way. Peter Freyne, 2000: “Mr. Sylvester has had the cocked ear of Vermont governors going all the way back to Tom Salmon in the 1970s.” Freyne quoted then-UVM political science professor Garrison Nelson thusly: “Harlan loves conservative Democrats. He wants to erase the gap between the Democratic Party and the Republican Party.”

Rutland Herald, 2002: “it was Harlan Sylvester’’s considerable influence and strategic skills that helped put [Republican Jim Douglas,] the apparent underdog candidate, in office.”

In 2010, Freyne’s successor Shay Totten described Sylvester as “The most powerful man in Vermont politics.” Totten also quoted Prof. Nelson: “He’s got access to people with real money, and those people with real money will invest in politicians who will protect their interests.”

So that’s Mr. Sylvester, who is in his late 80s but his power has not been visibly diminished. From what I’ve heard, he remains the power behind the throne.

And now let’s look at what the Democratic Party has become.

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Gloves Off, Let’s Go

Says here Vermont’s public sector unions are feeling anxious about closed-door talks on how to fix their pension plans. Can’t say I blame them. The 2021 session is more than halfway done, Speaker Jill Krowinski is determined to get something done by then, and there’s been not a peep about what a fix might look like. And since Treasurer Beth Pearce has outlined exactly how drastically pensions might change, the teachers’ and state employees’ union have every right to be concerned.

And this is the time to show their concern through hardball, sharp-elbow politics. Give ’em hell. Threaten a cutoff of union support for any lawmaker who supports a major cut in pension benefits or a major increase in employee pay-in. Get in there and throw some elbows.

Mind you, I’m not talking right and wrong here. I’m talking the timely application of leverage.

The VSEA and VT-NEA are two of the most powerful forces in the Vermont Democratic Party. They provide financial support, volunteers, and lots of voters. They have earned a great deal of influence in party circles. That influence should be brought to bear, right now if not sooner.

You’d think this wouldn’t be necessary. You’d think the Legislature’s Demo/Prog majority would be working with the unions to resolve this crisis. But union lobbyists say otherwise.

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It’s What I Do

Me. (Pretty Much As Illustrated)

Okay, so I offended some people with my post about sexist shadings, and the prospect of more to come, in the coverage of House Speaker Jill Krowinski and Senate President Pro Tem Becca Balint. The complaints concerned the use of the term “catfight” and the accompanying illustration of two teenagers pulling each other’s hair. I’m accused of, essentially, committing exactly the offense I was criticizing in the post. For some, the use of “catfight” in such a context is out of bounds.

I can see your point of view. But if you’ve read me for any length of time at all, you’ll know It’s What I Do.

I’ve often described my blogger persona as 90% analyst/commentator and 10% poo-flinging monkey. I’ve sometimes upped the “monkey” percentage. I bring a certain fearlessness and wildness to a #vtpoli that is overly polite, reticent to offend anyone.

It’s great that our politics are not as destructive as the national version. But there are times when politeness simply won’t do the trick.

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Waiting for the Catfight

Leadership Negotiation. (Not Exactly As Illustrated)

So I have yet to weigh in on “Vermont Has Her Back,” the petition drive seeking gender equity in the state’s media corps. Until now.

I certainly agree with the substance of the letter. There are too many men and not enough women (or people of color, ftm) in the political reporting sphere and, perhaps even worse, on the editorial plane. (Editors make assignments and have final review of stories.) This isn’t a matter of overt misogyny; it’s the result of structural barriers and unconscious bias in hiring and promotion.

(Not addressed in the letter are similar and even more impactful biases in our politics. Something must be wrong (and not just with our media) when Vermont has yet to send a woman to Congress, while New Hampshire ‘s delegation has three women and one man — and not that long ago, all four were women. Plus the governor. Vermont offers a stark contrast.)

The unconscious bias is becoming apparent in coverage of legislative leadership. Now that the House Speaker and Senate President Pro Tem are both women, the press is on high alert for signs of discord between the two.

A catfight, in other words.

Jill Krowinski and Becca Balint are doing their best to create a positive House/Senate relationship, but differences will inevitably surface. The two leaders will be under intense scrutiny over how they handle conflict. Opportunities for sexist blather will abound.

We’re already getting a little taste.

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Prepping for Disappointment

Well, the incoming leaders of the House and Senate are pouring buckets of cold water on any hopes of a progressive agenda in the next two years.

In some ways, this makes perfect sense. In others, it’s a continuation of the squishy-soft stylings of the outgoing leadership. And that’s disappointing for anyone who was looking forward to the possibility of change.

My former colleagues Xander Landen and Kit Norton have posted a legislative preview, and it’s chock full of Business As Usual — the kind of Democratic strategerizing that’s helped Phil Scott remain governor. Or, shall we say, done little to nothing to draw a clear contrast between Scott and the Dems.

Now, these are extraordinary times. And I have no quarrel with the idea that coronavirus will be first and foremost on the agenda until we’ve vaccinated our way back to normality. The budget alone could occupy the available time between now and adjournment.

So yeah, when Speaker-In-Waiting Jill Krowinski says her top priority is “to bring people together and create a plan of action to beat the virus and it needs to be a recovery plan that leaves no one behind,” I completely agree. Save for the grammatical tic.

But 2022 ought to be a completely different story.

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Arise, Teen Selfie Stars

Climate activist and current darling of the free world Greta Thunberg has had enough of your adulation.

Everywhere I have been the situation is more or less same. The people in power, their beautiful words are the same. The number of politicians and celebrities who want to take selfies with us are the same. The empty promises are the same. The lies are the same, and the inaction is the same. Nowhere have I found anyone in power who dares to tell it like it is, because no matter where you are, even that burden they leave to us, us teenagers, us children.

She said that last Friday, at a climate strike rally in New York City. And she’s dead right. Thunberg’s critics have been thoroughly condescending about this pigtailed teenager telling us how to run the world — and her supporters have offered a more subtle form of condescension. There’s an undercurrent of “how cute” and “isn’t it amazing that this teenager is so bright, so committed?” not unlike when Joe Biden called Barack Obama clean and articulate, as if that’s surprising to see in a black man. We applaud Thunberg, we get a selfie, maybe we even give her the Nobel Peace Prize, and we feel like we’ve made a statement on the world’s climate crisis.

When, in fact, we’ve done jack shit. Thunberg made this even more explicit in her Sunday address at the United Nations:

This is all wrong. I shouldn’t be up here. I should be in school on the other side of the ocean. Yet you come to us young people for hope. How dare you. You have stolen my dreams and my childhood with your empty words.”

It may be time for Vermont’s own teen selfie stars to adopt the same attitude.

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