Posts in category "News clips"

Illinois Pension Crisis Now Unfixable

You’ve heard it from policy reports and the news media, Illinois has reached a “fiscal cliff.” Sounds bad, right?  Terrifying, even. But in fact, it’s much worse.  Because our elected officials have been unwilling to make the tough decisions necessary to save our state, Illinois and its pension funds now have nearly $200 billion in debt triggered by... Read more »

Just The Facts: A Primer on Illinois Pensions

Over the last few years we have all been engaged in an effort to find a sensible, workable solution to Illinois’ pension crisis. Simply put, the current pension system is unsustainable and poses the threat of overwhelming the state’s budget if left unaddressed. More immediately, the state’s broader budget issues cannot be resolved until the... Read more »

The Time to Act is NOW! Tell Legislators "Pension Reform First"

The Time to Act is NOW! Tell Legislators "Pension Reform First"
Who got us into this mess isn’t as important as who will get us out. Your legislators head down to Springfield tomorrow and have just three days to address the disastrous pension crisis facing each and every one of us. Illinois’ retirement programs for State employees and teachers are $140 Billion short. That’s right, $140... Read more »
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“Illinois is Broke” Launches TV Ad Campaign

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  Failure to act in veto session will cost IL taxpayers another $7+ billion Chicago, Ill. – Just one week from the start of the state legislature’s fall veto session, the Illinois Is Broke campaign is ratcheting up pressure on lawmakers to address the state’s badly underfunded pension systems before tackling all other issues.  Today,... Read more »

Illinois Budget News: June 23

Illinois finances have become a national embarrassment, as promptly featured on the front page of Sunday’s New York Times: In Budget Crisis, States Take Aim at Pension Costs. So, when will our elected officials wise up and understand the state’s crushing debt cannot be resolved without addressing its retirement-related debt? This story posted by The... Read more »

Illinois Budget News: May 28

Illinois is facing a $13 billion budget deficit and doesn’t have enough money to pay its bills…and our lawmakers have skipped town. Faced with the opportunity to address the financial problems burdening our state, our elected officials – respectively – declined, staving off a vote on the pension borrowing bill and sending an unbalanced budget... Read more »
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Illinois Budget News: May 25

Budget discussions resumed yesterday in Springfield with Gov. Quinn still pitching a “long shot plan” to borrow $3.7 billion for a pension payment. However, Sun-Times reporter Steve Contorno writes that without Republican support, the pension payment is likely to get skipped, ultimately costing the state billions more in the future – ahem, billions more? While... Read more »

Illinois Budget News: May 21

Skip, borrow or defer – the Illinois legislature is still weighing its options on pension payments. And, like social service organizations and businesses, teachers’ anxieties over the health of the pension systems are apparent. “I keep hearing about the fact that our pensions are not funded,” prefaced Alex Skipworth, a teacher at Kingsley Elementary School.... Read more »

Illinois Budget News: May 20

Another day full of news – and after the release of a research paper by Northwestern University’s economist Josh Rauh – its no wonder. You may remember in February, the Pew Center for the States released a report saying  the states are facing a $1 trillion discrepancy between promised employee retirement benefits and those they... Read more »
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Illinois Budget News: May 18

The Chicago Tribune’s Dennis Byrne and Eric Zorn discuss what’s next for the Illinois budget with some idea swapping and back and forth number crunching. Like everyone else, they’re waiting with anticipation to see where this budget is headed. How can Illinois (aka Greece) climb out of its deep budget hole? Governor Quinn said we’ll... Read more »