Op-Ed: The horrid history of political promises in Illinois

[Geee]

Watchdog.Org

The Illinois Senate this week heard testimony on a bill to bail out College Illinois, a Ponzi scheme doubling as an ominous symbol of the state.

More than 20 years ago, a state agency called the Illinois Student Assistance Commission, or ISAC, started offering a plan where families could “pre-pay” for their child’s college tuition at a fixed price, thus “locking in” savings.

Here’s the catch: ISAC had no business making those promises and the state isn’t required to pony up the money necessary to back them if tuition surges beyond ISAC’s investment returns.

Now the College Illinois program is $300 million short, and more than 2,600 contract holders stand not to receive their full benefit.

Overpromise and underdeliver: Illinois’ unofficial motto.

College Illinois is just the latest political promise to fall apart. But that hasn’t stopped the state’s new governor from making equally irresponsible claims.