To say that Friday’s special session of the General Assembly was a disappointment would have required some expectation of action.
Any Illinois resident who pays attention knows the best bet is always on the General Assembly doing nothing, especially when it comes to the tough issues.
Pension reform is a tough issue, but it’s a necessary one. The state’s pension systems are $83 billion in debt and that number is likely to grow by another $10 billion in the next year. Pension expenses are so devastating that they will easily gobble up money meant for education, public safety, transportation and other pressing needs. The state already can’t pay its bills — the current backlog is around $7.5 billion.
Most dangerous, the lack of action on pensions may cause bond rating agencies to drop the state’s rating below investment grade. That will cost taxpayers millions of dollars and limit the state’s borrowing power. The Civic Federation of Chicago has estimated the last credit downgrade cost the state $551 million a year. That’s money that taxpayers are throwing away because our state’s leaders lack the political fortitude to address this problem.
All of the politicians recognize the problem. Gov. Pat Quinn said in February it was the biggest issue facing the state and that it had to be solved. Every other politician will say it must be addressed.
But on Friday, the House failed even to approve a largely symbolic bill that would have affected pensions for lawmakers. The Senate left town without even considering the issue.
There were no pledges to work harder, or to meet again. The state’s leaders — although they have done nothing to earn that name — simply walked away. No one even apologized for their ineptitude. Most of them acknowledged that nothing will happen now until after the November elections.
The message from legislators to taxpayers was clear: We care more about our jobs than we do about you. We want to keep our cushy jobs, and cushy pensions. Our lack of action will cost taxpayers more money, but we don’t care.
The next possibility for a pension solution appears to be the lame duck session after the November elections. The thought is that outgoing legislators who don’t have to face the voters will find the courage to support reform. Here’s all you need to know about our state’s leaders and every member of the General Assembly: The only time they exhibit leadership is when they don’t have to experience the consequences. It’s a sad statement, but it’s true.
In the meantime, we all can wait for the rating agencies to decide if they will further downgrade the state’s rating. We can hope it doesn’t happen, but if you look at it objectively, isn’t investing in Illinois the equivalent of buying a junk bond?
Quinn, House Speaker Michael Madigan, Senate President John Cullerton, Senate Minority leader Christine Radogno, House Minority Leaders Tom Cross and every single member of the General Assembly has failed, miserably.
Voters should look seriously at every incumbent in November and consider removing them from office. It’s clear the more lame duck legislators in November, the better chances the state’s many problems will be addressed.
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