The pension overhaul which passed the legislature last month doesn't do everything. A new study from the U of I's Institute of Government and Public Affairs says the state still stands to have a multi billion dollar deficit even after it's caught up on the pension obligations. The study's author, economist Dick Dye, says, “The structural deficit – the mismatch between sustainable revenues and spending patterns – is not, in the next ten years at least, fixed. It shaves about $1 billion off the deficit, but a deficit that's growing from about $4 billion a year to fourteen in ten years.”
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Of course, stabilizing the pension problem was the goal, though Dye says the public, and even some lawmakers, may not fully understand that's all the new law does.
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