"Illinois is a lesson in why companies are starting to pay more attention to the long-term fiscal prospects of governments."

"Indiana's debt for unfunded retiree health-care benefits, for example, amounts to just $81 per person. Neighboring Illinois's accumulated obligations for the same benefit average $3,399 per person."

... Dana Levenson, Chicago's former chief financial officer, has projected that the average city homeowner paying $3,000 in annual property taxes could see his tax bill rise within five years as much as $1,400. The reason: A 2010 Illinois law requires municipalities to raise the funding levels in their pension systems using property tax revenues but no additional contributions from government employees. The legislation prompted former Chicago Mayor Richard Daley in December to warn residents that the increases might be so high, "you won't be able to sell your house."

No additional contributions from government employees... In other words: Don't do what they did in Wisconsin.

Meanwhile in Wisconsin, we've been pulled into a recall election to replace the current governor with someone who thinks Illinois has got the right idea.