Illinois' Pension Crisis

From John Patterson of the Daily Herald:

SPRINGFIELD - Perhaps the biggest political debate at the Capitol this year focuses on an extremely boring topic - pension payments.

Quick, before your eyes glaze over, think of school kids, paychecks, and poor, disabled or old people needing health care.

How much money the state has for them, and if and when it takes a bigger bite of your salary, may well depend on how lawmakers handle the irksome topic of pensions for thousands of past, present and future government workers. Gov. Rod Blagojevich is expected to endorse several key changes designed to save millions when he unveils his state budget plan Wednesday.

Exactly how Blagojevich and lawmakers handle the issue holds the key to not only this year's budget but every budget for the foreseeable future.

For perspective, consider a year-old child crawling around on the floor today. Fast forward 40 years and that now-41-year-old adult is among the Illinois taxpayers who, if nothing changes, will collectively shell out $15 billion to cover the 2045 pension payment because past politicians ignored pension contributions and spent the money elsewhere.

"We're damning our grandkids," said Steve Brown, spokesman for House Speaker Michael Madigan, a Chicago Democrat.

The whole article is here. http://www.dailyherald.com/news_story.asp?intid=3839652