What if the court rejects pension reform?

What if?

It's the single most important question that Illinois residents should be asking, and candidates for office should be answering.

Yet as Election Day approaches, too few are asking about the most critical issue facing the state.

What if the Illinois Supreme Court rejects pension reform?

Illinois needs an open and honest conversation about the potential impact this decision could have on the state and its citizens. Regardless of the outcome, the consequences are far-reaching and voters deserve to know what's at stake.

This is about what is good for the state and its future. Illinois needs to be in a position to grow its economy, create jobs for Illinois residents, invest in education and infrastructure and provide for the most vulnerable among us. The pension law decision will have a sweeping impact that will touch every Illinois resident in one way or another.

If the Court rejects the law, $145 billion in state contributions is immediately added to the taxpayer tab over the next 30 years. Whether through even more tax hikes or continued service cuts, that money has to be accounted for. We would pay a lot more for a lot less in return.

Property taxes could rise to the highest in the nation. School districts could face further budget strain. Tens of thousands of seniors, children and mentally ill could face significant reductions, if not loss, of the state assistance on which they rely. The security of the pension systems themselves would be jeopardized.

Illinois needs this conversation. The sad truth is that all of the state's biggest problems are directly tied to the pension crisis, which has already resulted in paralyzing tax hikes, steep cuts to social services, unreasonable burdens on students and the loss of jobs to neighboring states. Already, Illinois ranks last or near last among the states on every economic indicator from unemployment to property taxes to jobs climate and state support for education.

One in four residents says Illinois is the worst state in which to live. Many vote with their feet. Every 10 seconds, someone leaves.

Those we elected, and those asking for our votes, should lead the discussion and address this hard question: What if?

Where will they make the cuts? How will they fix the state's economy? How will they attract new investments, new residents and new jobs?

Illinois can no longer kick the can down the road. Half measures will not suffice. We need to address these issues now. Even if the law is upheld, we are still lagging virtually every state in the nation. All of the answers to these questions will take time to develop, win approval from the General Assembly and implement.

Many of the social services already have been cut to the bone and educational funding reduced by $2.7 billion since 2009 - what is the plan?

A decade ago, only a small fraction of state revenues went to fund the pensions. If the law is overturned, Illinois would soon set aside 41 cents of every major tax dollar for pension payments.

To its credit, the Illinois General Assembly passed a pension reform bill that gives Illinois and its citizens a fighting chance. Signed into law last December, it provides more certainty about the state's fiscal position, demonstrates that we can address tough challenges and sets the stage for an economic resurgence. It's only a first step, but it walks us back from the ledge of a financial cliff.

Unfortunately, the law has been challenged by the very people it aims to protect and is currently in litigation. With the future of pension reform hanging in the balance, now is the time to ask the question.

What if?

No issue is of greater importance to Illinois' future.

Ty Fahner, a former Illinois attorney general, is president of the Civic Committee of The Commercial Club of Chicago.