Guest column | 5/24/2017, 4 p.m.
That one word perfectly sums up the pain, dysfunction and instability Capitol politicians have inflicted on Illinois by their failure to provide a permanent balanced state budget for two years.
As the state’s credit ratings have been repeatedly downgraded, as residents sought greener pastures elsewhere, as community colleges and universities have been gutted, as businesses closed up shop and as social service agencies turned away the most vulnerable residents … elected officials have failed to do their job and show political courage to make the necessary painful decisions.
Who they blame is determined by whether a D or R follows their name. Republican Gov. Bruce Rauner is to blame. No, it’s Democratic House Speaker Michael Madigan. Don’t forget the decades of politicians who made terrible financial decisions based on what would get them re-elected, not what was fiscally prudent.
The finger-pointing has gone on for far too long.
The state’s fiscal problems have created a crisis throughout Illinois — except in the state Capitol. Maybe the dome deflects the misery that permeates the rest of Illinois. But it can no longer shield elected officials from accepting the blame each member of the House and Senate, and the governor, bears for the atrocious state of the state.
The stack of unpaid bills tops $14 billion. The 2016 fiscal year ended last June with a budgetary deficit of $9.6 billion; we shudder to think of what it will be at the end of next month. The five state-funded pension systems are short about $130 billion. Each new financial report paints an even bleaker picture.
Every sign of progress has been marred by partisan politics. A budget was approved Tuesday by the Senate - with no Republican support. Even if the House concurs, Rauner likely will veto a measure only supported by Democrats. A bipartisan compromise is needed for Illinois to persevere.
The lack of a budget has not directly inconvenienced most residents, so it has been easy to ignore. But the impasse affects us all. In order for the state to pay off its unpaid bills, shore up the pension systems and eliminate its deficit, it would cost every Illinoisan roughly $12,000 each.
Here's how you calculate your share of the bill:
If every one of the state’s 12.8 million residents kicked in $1,094, we could pay off the $14 billion in unpaid bills.
The unfunded pension liability is an estimated $130 billion, due over the next 30 years. If we wanted to ensure today that it will be solvent, each resident would need to contribute $10,156 so state retirees will get their retirement benefits.
Don’t forget the $9.6 billion structural budget deficit at the end of fiscal year 2016; add in $750 more per person.
The ugly truth is, we are all going to pay for it somehow. And because politicians have abdicated their most basic duty for two years, the necessary cuts will be deeper and tax hikes will be higher than they should be.
Are you seething yet?