Archive for April 2010

Civic Committee Reports that Chicago's Pension Funds Badly Underfunded

Without Reforms, Funds Could Run Out of Money in the Next 10 Years The Mayor’s Commission to Strengthen Chicago’s Pension Funds released its report today.  Although the four City pension funds are badly underfunded, the Commission’s report recommends little more than the reforms enacted into law by the Illinois legislature a few weeks ago, which... Read more »

Chicago's charter schools start to feel the squeeze

By Elizabeth Purvis The Illinois fiscal crisis is crowding out important services including public education. With Governor Quinn’s proposed cuts of $1.3 billion to education, school districts across the state are having to make cuts due to lack of funding. Chicago Public Schools (CPS) has a $600 million deficit, with proposed 11%-12% funding cuts to... Read more »

Illinois Budget News: April 28

In response to the Civic Federation’s report Monday, the Governor’s Office of Management and Budget released this statement. Daily Herald ends its four part series today with “an array of proposed fixes” and a great summary in an editorial on what voters should do: Get the facts. Angry slogans and epithets are the easy way... Read more »

Today's Illinois Budget News: April 27

Fellow ChicagoNow blogger Dennis Byrne took a closer look at the Springfield rally and it’s call to raise taxes: [Rally supporters] were there under the misimpression that an income tax increase could preserve state-funded services. How big an increase? Not much, according to the coalition. Its “Fair Solution to the Illinois Budget Crisis” platform states,... Read more »

Today's Budget News: April 26

Civic Federation released a report today opposing Governor Quinn’s $52 billion FY2011 recommended State operating budget, stating it is: “unbalanced and does too little to address the State’s fiscal crisis. The Governor’s recommended budget borrows billions to pay for operations while continuing to ignore the massive backlog of unpaid bills, which will make the State’s... Read more »

To tax or not to tax

To tax or not to tax.  That seems always to be the question – particularly in Illinois. The array of opinions and arguments about whether to raise taxes is staggering.  At one end of the spectrum are the redistributionist folks who simply believe that Illinois should tax its citizens more — like New York and... Read more »

Springfield Rally: Don't be fooled

 Organized labor is planning a “rally” in Springfield tomorrow in which 15,000 members of labor unions will gather around the Statehouse in what is being called the “largest street demonstration that Springfield has ever seen.”    Streets will be blocked off;  and traffic will be shut down. The labor union members are reportedly “angry” with our... Read more »

Why we have no choice but to change the rules for current workers

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Together, we can save our state

By Dea Meyer Increasingly you have heard that Illinois is nearly bankrupt.   For years, the state has been spending beyond its means and ignoring its unpaid bills and obligations.  This has gone on for so long that the state now has created a massive build-up of state debt – $130 BILLION –  due to the... Read more »