November 30, 2021
Illinois has the highest unfunded pension liabilities in the nation with $144 billion in state pension debt. But, on top of that, local governments are accountable for another $75 billion in local government pension debt, which has fueled significant increases in property taxes over the last 20 years. Some Illinois cities are seeing this debt come to head, with declining services, worker layoffs, tax and fee hikes and more. The Policy Shop discusses the local pension crisis with Adam Schuster, explaining how pension debt hurts taxpayers in their communities.