May 30, 2008

Illinois’ pension troubles came to a head in the Illinois Senate on May 29th, when Senate Democrats forced the passage of Senate Bill 788, a controversial proposal that allowed the borrowing of $16 billion, according to 58^th District State Senator Dave Luechtefeld (R-Okawville).

The state pension system debt now tops $42 billion dollars, and that figure has more than doubled since 1995. This has posed a significant problem with the state’s finances, increasing the pension obligation in Illinois by billions per year. The state pension liability is expected to grow to $51 billion at the end of this year alone.

"I’m amazed at the misrepresentation of the facts on this issue. This bill is just another example of the blatant dishonesty about the facts concerning the state’s debt and pension obligations," stated Senator Luechtefeld.