"Illinois owes well over $200 billion, with more than $150 billion owed to pensions and benefits of retired state workers. Tax increases, like the newly enacted and veto-overridden 32 percent increase of state income tax, or Chicago’s recent 10 percent increase of property tax, will stave off immediate pension shortfalls, but will not stop the long-term debt from growing. The second critical problem is deficit. The massive debt was created because Illinois spends more money than it collects, primarily to pay its workers. For years, political leaders in Illinois and Chicago bestowed labor benefit that they could not afford. Why? Largely because they were elected into office with the support of state workers’ unions—the same parties with whom they ended up “negotiating” salaries and pensions. As a result, Illinois is paying its state employees 26 percent more than what similar private-sector workers receive—among the biggest gaps in the country. Current leaders—Republican Governor Rauner and Chicago’s Democratic Mayor Emmanuel—are trying to put an end to this fiscal sinkhole, but with little support from other lawmakers."