From the Journal Standard 5/13/13:
By Madeleine Doubek
"Sometimes it’s good to spell things out and create lists, so I’m going to try a bit of that today in an attempt to help more of us understand why we should be actively engaged in pushing our state legislators to do something to resolve the state’s $100 billion pension debt.
Think it doesn’t concern you? Why should you care?
1. If you’re 60-something and your property taxes are going up, get ready, your income taxes could be too. Again. Raising some income taxes is one of the ways some state officials are talking about dealing with the pension debt. We have a revenue problem, not a spending problem, they say. We note taxpayers already have been paying 67 percent more in income taxes the past few years, yet we’re making no headway on our debt and unpaid bills.
3. If you’re a teen, 20- or 30-something Illinois resident, look out. You’re the prime target to get socked with the bill in 30 years when the state’s pension funds are literally projected to run dry if something isn’t done to fix this debt now. So, if you have or are planning on having some college loans, some car loans, maybe a mortgage by then, better plan for a lot more debt to pay because this bill is coming due when you’re in your prime and the generation in charge.
5. Let’s stick with that lower number for this one. $31,500. That’s tuition for a year at a pretty good university. Heck, that’s a year’s salary for plenty of Illinoisans. Want to hand over your paychecks for the next year so Illinois can meet its obligations?
6. If you’re a state retiree, of course, you’re worried about this crisis because it could affect your retirement security, and unfortunately, in a negative way.
7. If you’re a state worker, middle-aged or younger like a teacher or prison guard or the people who issue drivers’ licenses, you’re also worried about taking a hit to your retirement. But know this, you face the very real prospect of little to no money for retirement in 30 years if nothing is done to fix a system that is insolvent now.
8. So what, you still say? That problem is 30 years away, something will get done by then? Let someone else worry about it later! Think again. The pension debt keeps spiraling out of control and sucking your hard-earned money. Now.
9. In a few months, according to the Civic Federation non-partisan budget watchdog institution, one quarter of every dollar we send to Springfield will go to try to keep state pensions afloat. In the last six months the pension debt has grown by at least $15 billion.
10. Still wondering why the pension crisis should matter to you? Do you care about anyone — children, teens, adults — who work in or benefit from education? They’ll be dealing with $400 million less in funding starting this summer. Know anyone who takes care of sick people? Those people are not getting paid for months. Hit a pothole yourself lately or wonder about a crumbling bridge as you ride over it? Angry about a prison that closed downstate and took your local economy too?
In one way or another, it all comes back to our pension crisis, the worst financial crisis we’ve ever encountered. Care more now? Act. Tell your state officials they must act. Demand a solution that works.
Madeleine Doubek is chief operating officer of Reboot Illinois, a nonpartisan digital and social media service dedicated to educating Illinoisans on key issues."
