In a novel analysis, the Illinois-based policy outfit Wirepoints compared the growth of state pension liabilities relative to state GDP and fund assets. Most studies have examined “unfunded” pension liabilities, which is the difference between current assets and the present value of owed benefits. But this obfuscates the excessive pension promises that politicians have made.

A damning state auditor general report released Thursday found systemic failures in Illinois’ licensing and oversight of thousands of taxpayer-funded group homes for adults with disabilities, problems first exposed in a 2016 Tribune investigation that documented substandard conditions and widespread harm.

“The state’s stable outlook is in line with expectations that, despite continued under-funding of pension liabilities, any credit deterioration in the next two years will not affect the state’s finances, economy, or overall liabilities to an extent sufficient to warrant a lower rating,” Moody’s wrote. Translation: Bonds won’t actually default in the next few year, and we don’t really give a crap about anything beyond that. And this being an election year, we need to suck up a bit to keep those who pay us happy.

Illinois is in a state of denial. The public realizes there are grave problems with government finance in Illinois but is largely unaware of the extent of those problems. At the same time, elected officials, at least most of them, recognize the bleak circumstances but are too concerned about the November elections to level with the voters.

Senate Bill 2638 would allow local governments to file annual reports to the Illinois Comptroller based off cash accounting. Truth In Accounting Research Director Bill Bergman said that’s different from accrual accounting, the standard that all publicly traded U.S. companies are required to use.

“Effectively it’s a way to kick the can down the road and accrual accounting, in theory, should help you recognize those expenses at the time they occurred, not when the cash goes out,” Bergman said.

Some good news: The State of Illinois collected over $900 million more in revenues than previously forecast in the budget year that just ended, apparently resulting in a lower than expected year-end backlog of unpaid bills.

“Janus was a potential lifeline for Illinois. Making Missouri’s job market less attractive by killing Prop A might be a lifeline for those of us still here in southwestern Illinois.”