Posts in category "Budget"

Rauner moves to cut $400 million from the Madigan-Cullerton unbalanced budget

It didn’t take Illinois Gov. Bruce Rauner to respond to the irresponsible $3-billion-short budget put forward by Illinois House Speaker Michael Madigan and Senate President John Cullerton. Rainier’s office announced today that it will be slashing $400 million in state expenses, including halting preparation for the controversial Illiana Expressway. Also to be put on hold are incentives... Read more »

Democrats plan to blame Illinois Gov. Rauner

There’s one thing that we should be able to agree on about the Illinois and Chicago financial crises: It’s not the fault of students wanting an education, poor people seeking medical care, drivers wanting decent roads, transit riders yearning for reliable service, battered children and women desperately needing help, the hungry looking for a nutritious... Read more »

An analysis of Rep. Paul Ryan's budget proposal

And the least read post of all time, this. But for anyone who gives a damn about where the country is headed, a must read. Go to The Committee for a Responsible Federal Budget. The most important words in his “The Path to Prosperity” are these: Nearly five years after the financial crisis, many families... Read more »

Illinois' "phony" pension obligation of $96 billion

Yet, $96 billion is the number that’s usually cited as what’s need to plug the unfunded hole in the state’s public employee pension funds. Truth is, the unfunded obligation is way, way more. The explain comes in this letter to the editor of the Chicago Daily Law Bulletin by Ann M. Lousin, professor at the John Marshall... Read more »

It's nut-cutting time for Rep. Bill Foster

Rep. Bill Foster, a Democrat that voters in the northwestern suburbs returned to the House of Representatives after a defeat, now has to come clean. Does he support President Barack Obama’s proposed budget and its excessive new taxes? Who is asking? The National Republican Congressional Committee. Here’s its press release. WASHINGTON – It’s April 15th, infamously known... Read more »

Mr. President Obama, would you give up your tax loophole?

President Barack Obama is right; we need to get rid of tax loopholes. But which loopholes? And what’s a loophole? It’s today’s great political paradox: Everyone is against loopholes, except that person’s own. We could go a long way toward ending the government’s Ponzi scheme if everyone could stop talking in generalities and get down... Read more »

Sequestration: It's Much Ado About Nothing

Illinois rings some GONs and goes deeper in debt

It is amazing that while Illinois is approaching financial disintegration, politicians are devising ever-new ways to borrow and spend. Thus: GONs. GONs (government-owned networks) furnish high-speed Internet connections to schools, offices, research labs, coffee shops, hotels, libraries, homes and so forth in competition with existing, private sector providers like AT&T and Comcast. GONs depend on... Read more »

Obama genuflects before Big Business

His fiscal cliff deal contains big corporate tax breaks It was his chance to get rid of off-shore tax advantages and other corporate welfare. So, why did he insist they be part of the Jan. 1 financial rescue? Here’s the essence of the deal that the White House and Congress reached to pull America back... Read more »

Even the New York Times recognizes that Illinois is in the toilet, about to be flushed

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