Must-Reads for October 25-26
Mercatus Center: States look to rainy day funds to avoid future crises
According to states’ own estimates of their pension liabilities, states’ unfunded pension liabilities total about $1 billion. However using private sector accounting methods, states are actually on the hook for over $3 trillion in unfunded pension liabilities.
Reason: Greed is good
Yes, Wall Street was greedy -- but that's nothing new. Greed is a constant. Did you ever turn down a raise? We need a free market because it restrains greed. Laws against theft and fraud help, but competition does more.
Must-Reads for October 24
State Journal-Register: State has dug itself a 'huge' budget hole
Illinois is $9 billion behind on its bills. Its pension systems are underfunded by $85 billion to more than $90 billion, depending on the source. Medicaid health care costs are eating bigger parts of the state budget every year.
Chicago Tribune: Pension head-fake
The proposed pension amendment on the Nov. 6 ballot is a misleading gesture — essentially worthless. This head-fake sponsored by House Speaker Michael Madigan and Senate President John Cullerton achieves the difficult trick of being both diabolical and feckless. Please give them your enthusiastic vote: "No."
State Journal-Register: City of Springfield out of options on Obama/Biden billObama introduced his running mate, Joe Biden, at the Old State Capitol in August 2008. About 160 police officers and nine civilians helped provide protection for Obama’s visit, according to an invoice from the city. Obama’s presidential campaign was sent a bill for $68,139, but still owes $55,457.
Must-Reads October 23
Chicago Tribune: Many haven't felt state tax hike's bite — yet
The tax increase brings in about $7 billion a year, but the state still owes billions of dollars in unpaid bills. Despite the major windfall from taxpayers, Illinois is facing major pressure to make rapidly increasing yearly payments to the state's public worker pension plans.
The Weekly Standard: ‘The biggest kiss’
As many analysts and officials have explained, Dodd-Frank subsidizes large, influential Wall Street financial institutions, while imposing disproportionately heavy burdens on Main Street banks and the communities they serve.
RealClearMarkets: An election about the economy will really be about entrepreneurs
But this critique itself misses the very essence of America's exceptional entrepreneurial experience. Other than Israel, no country produces more new businesses per capita than the United States.
Must-Reads for October 22
Washington Post: The looming shortfall in public pension costs
We found that, on average, a tax increase of $1,385 per U.S. household per year would be required, starting immediately and growing with the size of the public sector.
Forbes: Raise taxes and cut government spending to reduce debt? Not really
How do you get GDP to expand? You use the Magic Formula: Low Taxes, Stable Money.
Chicago Tribune: $23 million for paid leave
The paper found the state regularly pays employees not to work, even as it faces gaping budget gaps and service cutbacks. Between 2007 and September of this year, the 2,033 employees put on paid leave have cost the state $23 million, according to a Tribune analysis of state data.