Illinois has the worst pension crisis in America. It’s part of the reason why we have the worst credit rating in America — 12 credit downgrades under Quinn-Madigan alone.
We cannot secure Illinois’ economic future without fundamental reforms to our pension system.
We must keep our promise to current retirees, but we put all government workers at risk by continuing to promise a pension no one can afford.
The victims here are both the taxpayers who cannot afford to pay for these pensions and the workers who have been misled by union bosses and career politicians into believing these unsustainable pensions will be there for them.
We have reached a crossroads on the issue. I believe we must choose to address this problem head-on. No tinkering around the edges.
We must boldly reform our pension system. To do that, we can:
- Ensure pay and benefits do not rise faster than the rate of inflation.
- Eliminate the ability of government employees to receive massive pay raises before they retire just to increase their pension.
- Cap the current system and move towards a defined contribution system.