A few years ago, I was talking to a new college graduate who was moving to an expensive, distant city where she didn’t have a job. I asked, “How will you support yourself?” She shrugged and said her parents had money and would support her whether or not she found work. I couldn’t help but think, “Her parents aren’t doing her any favors.” Sure enough, during the past several years she has failed to hold steady long-term employment. These types of blank-check relationships often are filled with good intentions but seldom have positive results. Illinois Moves Toward Guarantee And right now, the Illinois General Assembly is on the brink of creating a similar relationship with its pension funds. The mistake is called a pension guarantee. And several pension reform bills being considered by the General Assembly – including one introduced by House Speaker Mike Madigan (D-Chicago) – have guarantee language. The legislation allows the pension funds to sue the state if the amount of money they...