Responsibility for Illinois’ sorry state of affairs falls at the feet of House Speaker Mike Madigan, Senate President John Cullerton and their combined 80 years in state government.
While the state waits for the Supreme Court’s SB 1 ruling, Gov. Bruce Rauner and other lawmakers are working up a pitch to amend the state constitution.
Rauner’s initial pension proposal helps him achieve his goal of a balanced budget without tax increases. But it will take a comprehensive, 401(k)-style reform plan to solve the pension crisis once and for all.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.