60 min-Another humiliation Tribune editorial

Illinois lawmakers, you need to see this even as Gov. Pat Quinn pushes you to approve another $4 billion in taxpayer debt for this state's pension system: Go to cbsnews.com and, at the top of the page, click on "60 Minutes." See the photo of the sleek Illinois State Police cruiser? Feeling a little home-state pride? Don't. Instead, invest 13 minutes and 50 seconds in a segment from Sunday's show, "State Budgets: Day of Reckoning." It's one more humiliation for mismanaged state governments. Pay attention to the part that starts, "And nowhere has the reckoning been as bad as it is in Illinois …"

Yes, there's Comptroller Dan Hynes, awash in $6 billion in bills he can't pay: "The first words out of my mouth are usually an apology." There's criticism of borrowing. And reckless spending. And costly benefits for public employees. And budget tricks to avoid facing reality.

Why, you'll think "60 Minutes" is channeling the last few years of Tribune editorials. Then go to Springfield in January and tell Quinn, "No, we are not borrowing $4 billion more. We're cutting spending and pensions." Tell Quinn about New Jersey Gov. Chris Christie's warning to public employee unions. Condensed: If you don't partner with me on fixing this pension system, you won't have pensions.

Do watch this, legislators, including the part about you:

"The most alarming thing about the state issue is the level of complacency," Meredith Whitney, one of the most respected financial analysts on Wall Street and one of the most influential women in American business, told correspondent Steve Kroft. …