Tag: pensions

Chicago teachers should pay a fair share of their pensions

To rescue his city from utter financial collapse, Mayor Rahm Emanuel is resurrecting an old whine: You suburban and downstate folks are to blame, and now you have to fix it. Chicago is the state’s “economic engine,” he said in several appearances, as if that is reason enough for Illinois taxpayers to ship more than $800 million... Read more »

Why the stock market IS important

For most people, the stock market isn’t that important. That’s according to Edward Stuart, emeritus professor of economics at Northeastern Illinois University, who suggested in a recent appearance on WTTW’s Chicago Tonight not to worry about the recent market plummet. Tribune Pulitzer Prize-winning columnist Mary Schmich was so taken aback by the assertion that she followed up with... Read more »

TOP 10 REASONS WHY PEOPLE FROM ILLINOIS ARE GRUMPY

Madison Bondi gives them to us in Reboot Illinois
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The cure for Illinois' financial ills

As long as the candidates are talking about amending the Illinois Constitution, let’s toss out this Article XIII, Section 5: PENSION AND RETIREMENT RIGHTS Membership in any pension or retirement system of the State, any unit of local government or school district, or any agency or instrumentality thereof, shall be an enforceable contractual relationship, the... Read more »

The Illinois legislature's last week of the session: the horrors that await

As usual, the Illinois Legislature cops the 37th Annual American Procrastinators Award by putting everything off until the last week of the legislation session, which ends Friday, May 31. It should be an interesting, if not horrifying, week. On the agenda are everything from reforming Illinois’ dreadful public employee pension funds to gay marriage. Below... Read more »

A look inside the paranoid mind of CTU president Karen Lewis

Karen Lewis, president of the Chicago Teachers Union, joins the conspiratorial mindset of Occupyisters, going so far as blaming Steve Jobs and Bill Gates for the troubles that teachers’ unions are having. Never does she concede that perhaps part of the problem could be the suffocating, hide-bound institution that she and the CTU have helped create.... Read more »
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17 percent of Illinois budget goes to meet pension obligations

While social service agencies reel under Illinois budget cuts and state suppliers, including medical providers for the poor, are getting stiffed by the state to the tune of billions of dollars, the money poured down the rat hole of state pensions continues unabatted. A staggering 17.4 percent of Illinois general fund spending will go into... Read more »

Winnetka fire chief accused of "double dipping"

He used to be Evanston fire chief, a job from which he retired with a rich pension. It’s legal, but should it be? Read the story in the Daily Northwestern

Why Illinois' pensions are such a mess

“Responsible funding methods do not work this way.” “Illinois’s [pension] disclosures are “somewhat misleading.” “[Illinois’] funding method ‘may not be an appropriate one.'” This is required reading for anyone who wants to understand the nature of Illinois’ pension funding catastrophe. Illinois hasn’t just been stealing from its underfunded pension accounts to pay for the state’s... Read more »
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Rahm Emanuel targets Chicago labor costs, pensions

I give Emanuel credit for saying the right things about labor costs and pensions. He would reform the health care system for city employees, consider requiring a bigger contributions from currently working employees and fixing the pension system. Go, Rahm.
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