I commend the members of the Illinois General Assembly for their recent efforts to begin to fix our state's pension liability. That said, we still have a long way to go to get our fiscal house in order and restore the confidence manufacturers need to expand and/or locate in the Land of Lincoln.
According to the Illinois Policy Institute, the official unfunded pension liability is $100 billion. The bill that passed and was signed by the governor would -- at best -- reduce the unfunded liability to $80 billion. It only scratches the surface and dials back the crisis to 2011 levels.
It's universally accepted that this legislation does not represent a solution to Illinois' pension crisis. Several legislators who voted for the bill have said as much, and have defended their vote by saying, "This is not a solution; it is a first step." A "first step" necessarily means there is a second step.
My colleagues in the manufacturing sector will be watching closely to see if there is a second step. Will Illinois find its fiscal footing or will we continue to stumble?
Brian P. McGuire
Technology & Manufacturing Association of Illinois