After decades of inaction, Speaker Michael Madigan has finally decided to develop a plan to address the pension system which, in its current form, is strangling the financial health of the state of Illinois. Did Mr. Madigan finally realize that the state will soon be bankrupt? Probably. Did he finally realize his civic responsibility to intervene in this debacle and save the taxpayers of Illinois from the financial Armageddon we are ultimately facing? I would like to think that is the case, but probably not.
The cynic in me thinks it is more likely that Mr. Madigan feels that he has to clean up the mess that he helped to create because the time is quickly approaching for him to try and install daughter Lisa in the governor's mansion. I am certain that he doesn't want to leave this $100 billion disaster to land in her lap after years and years of inaction on his part.
Regardless of the motivation, hopefully the legislature will finally come up with a plan to solve this problem which is equitable for both the retirees counting on their pensions and the taxpayers who are expected to make up the short fall.
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