Candidates discuss Illinois’ unfunded pension debt

Link: https://www.thecentersquare.com/illinois/gubernatorial-candidates-discuss-plans-to-shore-up-illinois-unfunded-pension-debt/article_d4ee1dcc-5acc-11ed-ba1f-5f5508ee672f.html

Excerpt:

Candidates for Illinois governor are taking different approaches on how they’d tackle the state’s unfunded pension liabilities.

Illinois has among the most unfunded public sector employee pension liability. State numbers indicate around $151 billion unfunded, but some place like the American Legislative Exchange Council place the debt at $533 billion.

State Sen. Darren Bailey, who’s running against incumbent Democratic Gov. J.B. Pritzker, said he’ll use reduced state spending to pay down pensions.

“We’ll find the fat in the budget and we’ll begin to apply that to get this pension situation under control, but first and foremost, I will be sitting at the table with pensioners,” Bailey, R-Xenia, told The Center Square. “I fear that the pension debt may be that large looming problem that will sneak up on Illinois if we continue to ignore it as J.B. Pritzker has.”

Pritzker touts on his campaign website “fully funding pension contributions” as a way to reduce state pension liabilities, “going above and beyond with payments and expanding the employee pension buyout program.”

Pritzker’s campaign did not return requests for an interview.

Author(s): Greg Bishop

Publication Date: 2 Nov 2022

Publication Site: The Center Square

New report has bleak economic outlook for Illinois

Link: https://www.thecentersquare.com/illinois/new-report-has-bleak-economic-outlook-for-illinois/

Excerpt:

A ranking of each state’s competitiveness and economic outlook places Illinois near the bottom.

The American Legislative Exchange Council’s “Rich States, Poor States” report ranked Illinois 47th in the country based on 15 factors, such as income tax rates, property tax burden and debt service as a share of tax revenue.

“Generally speaking, states that spend less, especially on income transfer programs, and states that tax less experience higher growth rates than states that tax and spend more,” according to the report.

Author(s): Kevin Bessler

Publication Date: 13 May 2021

Publication Site: The Center Square