If you thought Illinois was already up to its neck in pension debts, just wait until the impact of the Coronavirus is tallied up. The state's shortfall will jump to over $310 billion in 2020 if conditions hold through June.
The full financial and economic impact the Coronavirus will have on Illinois is impossible to predict. For now, Illinoisans can keep an eye on the state’s $7.5 billion unpaid bill backlog to see how the state's finances are holding up.
From Wirepoints' Ted Dabrowski and Mark Glennon, "Illinois is a perfect example of a state that shouldn’t be bailed out at the expense of fiscally responsible governments. Gov. J.B. Pritzker, the state legislature and Chicago Mayor Lightfoot all reject structural pension reforms that would fix Illinois’ problems."
The first specific proposal we’ve seen would be a three-fer, piling wrong on top of wrong on top of wrong. It’s from the Rockefeller Institute’s Liz Farmer, published nationally and in Crain’s Chicago Business.