Amid two record-breaking income tax hikes, growing property tax bills and population decline, the Land of Lincoln’s income growth is trailing the rest of the nation.
If lawmakers continue to balk at building the tools necessary to reform pensions, bankruptcy will be the only way out for communities across the state.
Reforming future benefit growth via a constitutional amendment is the only way to ensure the retirement security of government workers, protect taxpayer budgets and fulfill the needs of Illinoisans reliant on core services.
Despite claims from some state lawmakers that the fiscal year 2019 budget is balanced, official reports to bond buyers admit a deficit of more than $1 billion.
The average lifetime pension benefit among the county’s 20 highest-earning municipal retirees is more than $1.2 million, while their average total retirement contribution is less than $75,000.