[The following is a paid advertisement.]

A group of wealthy Chicago businesspeople has been masquerading as economic experts under an organization called “Illinois is Broke,” pinning the blame for the state’s budget problems on the modest pensions earned by teachers, nurses and other public employees.

It’s ironic on two levels.

First, Senate Bill 512–the pension legislation put forth by “Illinois is Broke”–would make Illinois even more broke.

Buck Consultants, one of the world’s leading actuarial firms – true pension experts –analyzed the legislation, concluding it would actually cost taxpayers an additional $34 billion. (Read here for more details.)

The State Journal-Register raised serous questions about the cost of the legislation today, which would be a disaster for Illinois taxpayers.

Second, the premise that modest pensions earned by public employees caused the state’s budget problems is flat out wrong. Whether they are police or fire fighters, teachers or caregivers, these working men and women have contributed to their pensions from every paycheck. It’s the politicians who failed to make their payments.

Illinois is Broke: Intentionally deceitful? Or just painfully incompetent? Either way, their reckless legislation should not be taken seriously.

For more information, please visit www.WeAreOneIllinois.org.