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February 2, 2010

K-12 Tax & Spending Climate: Watch state spend wildly at new website

Steve Contorno:

The state's budget mess is a ticking time bomb and now Illinois residents can watch as it explodes.

A Web site launched by the Civic Committee of the Commercial Club of Chicago displays a ticker that counts up Illinois' debt. On Friday evening, the number was around $128,586,300,000 and swiftly on the rise.

The Web site IllinoisIsBroke.com keeps track of the state's growing deficit.

The civic committee isn't in the business of political endorsements, so don't ask them who those candidates are. However, President Eden Martin said he hopes voters take a better look at the individuals running for office.

"If there's a kind of public irritation that becomes strong enough, I think there would be enough support for fundamental reforms," Martin said.

Martin blamed changes to the pension system in 1995 that put Illinois on a path toward bankruptcy. To fix the problem, the committee proposes the state reform pensions so they are comparable to the private sector, meaning fewer benefits, a later retirement age and a less generous cost-of-living adjustment.

But Martin knows that's no easy task and understands why some politicians prefer the status quo.

Posted by Jim Zellmer at February 2, 2010 2:52 AM
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