Illinois ‘Poster Child’ of Debt Crisis Draining State Services
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Illinois, the second-lowest-rated U.S. state after California, must fend off a “financial implosion” as its unfunded liability for retiree benefits threatens spending for other services, a group of community leaders warned.
The Civic Committee of the Commercial Club of Chicago, led by former and current executives, is pressuring Governor Pat Quinn and other state leaders to control growth of pension costs they say put the state at risk of fiscal collapse. Members of the group, which estimates the state’s retirement-related liabilities at $130 billion, are speaking out as Illinois enters its general-election season.