Dupage Policy Journal

State Rep. Deanne Mazzochi (R-Elmhurst) laments that Illinois’ runaway pension debt amounts to the state finally being forced to pay for years of recklessness.

All told, government watchdog Wirepoints places the state’s retirement debt in the neighborhood of $530 billion, saddling each of the state’s 4.9 million households with $110,000 in state and local shortfalls.

"You can’t make all these promises and not consider the cost,” Mazzochi told the DuPage Policy Journal. “We knew the cost, but didn't want to set aside the money because we were engaging in more spending. It's not been politically popular to say no when it comes to pensions. It's still not, but unfortunately we're now spending over a quarter of the state’s budget making pension payments.”

Illinois state Rep. Deanne Mazzochi (R-Elmhurst)

At the same time, the state has seen its credit rating deteriorate to the country's worst, and its property taxes are now second-highest in the nation. That coincides the country's second-largest population decline over the last ten years. 

“We have to pay bills and stop all the spending,” Mazzochi added. “We've never had the discipline not to go nuts with all the spending.”

Of the price tag, $122 billion is owed to Chicago and Cook county pensions and retiree health alone; $313 billion is owed to five state-run pension funds, $55 billion to state retiree health insurance, $9 billion to state pension obligation bonds and $32 billion to other government pensions and retiree health, according to the Wirepoints report. 

Pew Charitable Trusts reports that state-level pensions are just 39% funded, representing the lowest ratio in the country.

"So much of holding the bag comes from bad spending. I refuse to take state pension because I do not want to be in the position of being a part of a financial system some may think you won't criticize because you benefit from it,” Mazzochi added. “Right now, we have the foxes guarding the hen house.”