Illinois’ worst-in-the-nation pension debt shrank slightly after investments more than tripled predictions, thanks partly to COVID-19 stimulus. Experts caution 1 year cannot undo decades of overpromising and underfunding.

Pension obligation bonds, like payday loans, are a sign of mismanaged finances. Illinois not only leads the nation for using that risky debt, it owes the bulk of it.

S&P Global Ratings said Illinois’ public pension systems are in trouble, and will get worse thanks to the Illinois Exodus and because state leaders refuse to fix the problems.

Former Illinois House Speaker Michael Madigan will collect $85,000 a year, but in a little more than a year his pension will shoot up to nearly $150,000 a year.

State lawmakers have significantly abused and underfunded their own pension system. Ending it would be a plus, but only a constitutional amendment will stop pension debt from swallowing Illinois.