Posts tagged "Daily Herald"
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 »
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 »
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 »
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 »
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 »
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 »
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 »