Metro East Sun

Dwight Kay doesn’t see how Illinois can survive on its current path.

“My solution would be to amend the state constitution and get away from a system that is no longer financially feasible,” Kay told the Metro East Sun. “There are not enough taxpayers in Illinois to cover all the debt this state is mired in. You have to very quickly have a constitutional amendment that ends the current pension system plan and incorporates something like a 401(k)-plan for all new state hires.”

Moody Investors Service recently released a report highlighting Illinois’ growing unfunded pension liability, including a 25 percent spike in the last fiscal year alone. Overall, unfunded pension debt now stands at $250 million and the pension-debt-to-revenue ratio in Illinois is the highest in the country.

Rep. Katie Stuart

“My reaction is how disgusting it is that this totally debilitating debt is being dropped in the lap of regular taxpayers,” said Kay, running Rep. Katie Stuart (D-Edwardsville) in Illinois’ 112th District. "It is a perfect example of how the people in Springfield have no idea how to balance a budget or handle the pension system. What they’re doing to taxpayers is incredibly dishonest. To say we have a functioning government is terribly misleading. This isn't about poor management. It’s a total bankruptcy, both morally and intellectually.”

Both Moody’s and S&P Global Ratings long ago declared Illinois’ bond rating at just one level above junk status. Since 2009, the state’s credit rating has been downgraded 21 times, with most of the denigration tied to rising pension debt, the Illinois Policy Institute states.

“My sense is that people can’t take anymore,” Kay said. “They know that they’re not getting any bang for their buck. I don’t think they will tolerate much more.”

A low bond rating impacts the interest rate the state receives. Illinois already has the worst pension debt in the country in terms of GDP and personal income, with annual pension costs soaking up more than a quarter of all general revenue expenditures.

Illinois’ 112th District includes Bethalto, Caseyville, Fairmont City, Glen Carbon, Maryville, Pontoon Beach, Roxana, Shiloh and Swansea.