Posts tagged "pension payment"

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 »