Posts tagged "cuts"

Pension reforms, spending cuts must come before tax hike

Illinois is broke. In the short run, it is running out of cash – and borrowing to cover its own operations as well as to fund health care, schools, local governments and social services. Or it simply fails to pay its bills – borrowing, in effect, from its suppliers. In the longer run, Illinois operates... 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 »
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