Illinois finances have become a national embarrassment, as promptly featured on the front page of Sunday's New York Times: In Budget Crisis, States Take Aim at Pension Costs.
So, when will our elected officials wise up and understand the state's crushing debt cannot be resolved without addressing its retirement-related debt? This story posted by The Fiscal Times shows there are some states getting their pension systems right, perhaps we need to take a page out of their books.
Further proof of Illinois' insolvency? An article branding Illinois the "New California" - and as we all know, when referring to finances, this is not a particularly welcomed title. An excerpt we found interesting:
Illinois's crisis is unique in that it is purely a
creature of mismanagement by elected officials.
With that being said, we couldn't agree more with The Pantagraph's call for legislators to address Illinois' fiscal issues head on, putting people before politics.
The priority given to politics over people is appalling. People
are losing their jobs. People are losing their businesses. People
are losing needed services from agencies that aren't being paid by
One of those social service agencies, Meals on Wheels, where it was announced this week that the 12-year old program would no longer be able to provide its services due to the state's dismal financial situation.