Posts tagged "crisis"

Illinois' Governor Quinn Unveils Pension Reform Proposal

Last week, Governor Pat Quinn offered the outlines of a pension reform proposal that is an important first step in addressing Illinois’ massively underfunded public pension system. The plan calls for a 3% hike in employee contributions, phasing in an increase in the retirement age to 67, reducing cost of living adjustments, and shifting some... Read more »

The Solution is Pension Reform. Let's Work Together to Save Our State.

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Illinois has a major problem on its hands — and, it’s not going away. It’s Illinois’ pension problem. And, it impacts us all. Whether you are a hard-working teacher, employee of the State, a taxpayer or a family trying to make ends meet, everyone in Illinois is affected. Watch here to learn more. How serious... Read more »

Higher Education Hurt By Illinois Fiscal Crisis

Without Budget Reform Colleges and Universities Will Continue To Suffer By Stanley Ikenberry The people of Illinois and our state government are in the midst of an unprecedented crisis. Illinois is unable to pay its bills. We are heavily in debt and face the prospect of borrowing even more. And yet the state budget approved on... 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: June 2

Star Chicago economist Diane Swonk delivered a no-nonsense analysis on the nation’s “slow and painful” emergence from the Great Recession to the Executives’ Club of Chicago yesterday.Per today’s Sun-Times, Swonk predicted the possibility of “later retirements, higher taxes and more sacrifices…” Among her local concerns: Illinois‘ ability to compete with other states and retain residents.Bottom... 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 »

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 »

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 »