Category: Pensions

Government pensions gobble up money that should go to the developmentally disabled

People with developmental disabilities in Illinois are going without services that make their lives better because there’s not enough money, according to a Chicago Tribune article. “Nearly 20,000 adults with developmental disabilities are waiting for help from the state to live on their own”, describes how the state has failed to meet court-approved targets that... Read more »

"Illinois is the class dunce"

That’s what the Economist called Illinois in this article: State of denial – America’s public-sector pension schemes are trillions of dollars short* Police officers, teachers and other public workers face a brutal reckoning As the Economist reported: Illinois is the class dunce, with six languishing [pension] schemes. Chicago Municipal is just 25% funded and the... Read more »

Blame Chicago teachers and their CTU; not Mayor Lightfoot

Bring Home Chicago, a coalition of homeless advocates, is targeting Mayor Lori Lightfoot for failing to live up to her campaign promise to, in effect, nail “rich” taxpayers to save the homeless. Chicago Sun-Times columnist Mark Brown explained that Lightfoot will ask the Illinois Legislature to give her authority to raise the real estate transfer... Read more »

Crain's asks, "Who's really in charge in Springfield?"

If you said House Speaker Michael Madigan, or Gov. J.B. Pritzker, you’d be wrong. The answer, according to Crain’s: Teachers unions. Crain’s correctly cites the “giveaway” to the teachers unions that will allow their members to receive a big “bump-up” in salary in their final years before retirement so that they can receive a bigger... Read more »

Illinois' retired public employees won't pay that new state income tax, even if their pensions exceed $250,000

A big selling point for Gov. J.B. Pritzker’s graduated income tax is how it will land only on rich people–those making more than$250,000 annually. Then why won’t Illinois’ retired government employees whose pensions exceed $250,000 pay any state tax? Because pensions are not taxed in Illinois, even those pensions that pay well over $250,000 annually. It... Read more »

A little-noticed, outrageous pension win for Illinois teachers

Just when you thought that the Illinois pension plan for public school teachers in the state couldn’t get any more lavish and benevolent, the Democratic-controlled legislature slipped in yet another boon in the new (un)”balanced” budget. It amounts to a take-back that can add thousands of dollars to a retiring teacher’s pension. Here’s how it... Read more »

A great and troubling roundup of Chicago's pension problems

Pay attention; it’s not easy reading. But the message is clear. Chicago Mayor Lori Lightfoot will have her hands not just full, but overflowing, with the city’s deeply unfunded employee pensions. Elizabeth Bauer writes about it in Forbes.

Illinois' pension crisis is more fearsome than union flacks want us to believe

Among the union flacks is one Ralph Martire of the Center for Tax and Budget Accountability, a think tank well funded by Illinois public employee unions. Martire was brought in by three liberal Illinois state lawmakers at a Evanston town hall to explain, clarify or propagandize (take your choice) the Democratic solution to Illinois’ crushing pension problem. Which... Read more »

Illinois Gov. Pritzker's tax increase will only lead to yet another one

Illinois Gov. J.B. Pritzker’s skeletal plan for a tax increase is so flawed that it will induce demands for even more higher taxes, according to an analysis by the Illinois Policy Institute. The problem is Pritzker’s budget is based overly optimistic and unreasonable projections for the state’s growth. The analysis discovers: When employing one of the... Read more »

Pretend Illinois finances are just ducky and the problem is solved

As the Democratic-control state of Illinois is nearly over its head in the financial quicksand, you’ll be glad to know that the Legislature will consider making penicillium the official state microbe. Dan McCaleb,of the Illinois News Network also notes other pressing issues that also are getting immediate attention, such as making SKI citrus soda the state’s official soft drink. Phew.... Read more »