Metro East Sun

Illinois State Rep. Tom Morrison (R-Palatine) recently weighed in on the state's debt crisis as the Illinois pension deficit surpasses $500 billion.

According to Wirepoints, taxpayers in the state are on the hook for a total of $530 billion in debts which averages out to roughly $110,000 per Illinois household. Morrison blamed the state's massive debt on the indolence of Illinois Gov. J.B. Pritzker and Democrats.

"We're here and the debt continues to grow because Gov. Pritzker and Democrats are doing absolutely nothing to come up with solutions," Morrison told Metro East Sun. "The people that have worked for their pensions need to know they are seriously at risk. It’s time to sit at the table with the workers and not the unions. Gov. Pritzker came in and threw money at everything except all this pension debt. It’s all coming back to haunt all of us."

Morrison proposed several solutions including freezing the state's Cost of Living Adjustment (COLA) which is part of the Illinois Pension Code that provides retirees with an automatic increase in annuity in relation to inflation.

"I would sit down with the pensioners to come up with real solutions," Morrison said. "There’s a plan in place to freeze the COLA for 15 years and another to seek assistance from pensioners for their own health insurance. We've also got to put new hires in 401 plans, where they’re in charge of their own futures. It’s a fixable problem, and the sooner we take some action the better things will be."

The Illinois State Rep. told Metro East Sun that solutions should be implemented sooner rather than later, as the debt problem will continue to increase as time goes on.

"Freezing the COLA, 50% health participation and new hires on 401 plans are all things that would help the situation," Morrison said. "If these things are enacted soon they can go a long way toward fixing the problem. The longer we wait the worse things will get."

The report found that Chicago and Cook County pensions and retiree health shortfall were $122 billion, while state pension obligation bonds were $9 billion. It also showed that state retiree health insurance shortfalls have now hit $55 billion.