Chambana Sun

In a Facebook post this week, Illinois state Rep. Brad Halbrook cautioned voters against believing Gov. JB Prtizker.

A Truth In Accounting report noted that the state's financial problems are mostly from "unfunded retirement obligations."

"Record gains in the stock market in 2021 made funding levels of the state’s pension system appear healthier than in 2020, but much of that improvement is fading," the report said. "Markets have lost an average of 14% value in 2022. Although pension liabilities decreased by $12.1 billion in 2021 due to the increase in investment value, much of the value increase is only on paper."

"Don't Believe Pritzker's Lies," Halbrook said in the Facebook post. He also shared a link to a Forbes article that raised further alarm about issues paying for pensions.

"The fact that thirty-one states cannot pay their bills now is an improvement from 2018 when forty states could not pay their bills; in 2021, the number had improved to thirty-nine states," the article said. "When [article author Mayra Rodriguez Valladares] asked Truth in Accounting TIA CEO Sheila Weinberg, what accounted for what looks like an improvement in state finances, she says that 'temporary record gains in the stock market during that time and the Covid-relief money. Governors are claiming surpluses, while their financial reports and retirement plan numbers e indicate their state is deep in debt. The governors are only looking at the short term while taxpayers need to be concerned about the future.'"

Truth in Accounting gave Illinois a grade of "F" but noted some improvements.

"Illinois’ latest financial report indicated the state’s financial position improved in 2021 mostly due to a great deal of federal aid and dramatic increases in the value of pension system assets," the report said. "But the state still needed $210.5 billion to pay the bills it had accumulated. The resulting Taxpayer Burden was $49,500, which represents each taxpayer’s share of the state’s debt. Therefore, the state earned an 'F' grade from Truth in Accounting.

"Until the pension investments are sold, these liability decreases are not real. Given these facts, the state’s overall debt situation will likely further deteriorate over the coming year. Even with these reported increases in pension assets, Illinois had only set aside 45 cents for every dollar of promised pension benefits and one cent for every dollar of promised retiree health care benefits. If benefits and funding are not changed, future taxpayers will be burdened with paying the under-funded retirement promises."