Posts tagged "news"

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 »

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 »

PENSION REFORM FIRST

By now you’ve seen the billboards. We are asking the Illinois legislature to address the pension crisis that is breaking the state budget and causing a financial meltdown in our state. We need your help to spread the word: “Pension Reform First.” It’s clear. Our current pension program is unsustainable and it is not only bankrupting our state... Read more »
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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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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 »
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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 »