The Coronavirus mixed with the shutdowns has made a disgusting cocktail for the state of Illinois.
The pension crisis, which is already $140 billion, is being pushed to the edge.
Adam Schuster said Mike Madigan leaving office would be a huge opportunity for pension reform and for the “progressive tax” not to exist.
Schuster wrote a piece on this latest information.
“If nothing is done to change Illinois’ pension system our state not only harms taxpayers and vulnerable state residents, but it also endangers the retirement security of state and local government employees relying on these systems. Regardless of whether COVID-19 triggers the day of reckoning for Illinois pensions, this moment exposes the urgency of reform and should be treated as an opportunity to fix the problem before it’s too late.
“It is possible to make modest reforms by amending the state constitution to allow for reductions in the future growth of pension liabilities, without taking away a single dollar of already earned benefits. This solution is not only the most beneficial to every Illinoisan; it’s also the fairest as the state recovers from the worst economic downturn in our lifetime.”
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