Budget + Tax

Illinois credit downgrade prompts delay of bond sale

Illinois credit downgrade prompts delay of bond sale

This morning Illinois was forced to delay a $500 million bond sale – essentially, borrowing $500 million to finance state government operations. The delay was due to a drop in lender confidence in Illinois’ credit worthiness.

Quinn owns 11 of Illinois’ 20 credit downgrades

Quinn owns 11 of Illinois’ 20 credit downgrades

Standard and Poor’s Rating Services just dropped Illinois’ credit rating to A- from A. There is not another state in the union with credit as lousy as ours. We are worse off than California.

Institute on WAND TV: Illinois’ addiction to pork

Institute on WAND TV: Illinois’ addiction to pork

Institute policy expert, Jonathan Ingram, joined Doug Wolfe on WAND TV to discuss Illinois’ addiction to wasteful spending. Check our Piglet 2012 for examples of pork in Illinois. MUSEUM CAPITAL PROJECTS ABRAHAM LINCOLN MEMORIAL GARDEN FOUNDATION, INC. (Sangamon County) – $82,433. Renovation of the Ostermeir Farmhouse to add handicap accessible features, waterproof basement, replace carpet,...

Institute in Daily Herald: Defined benefit plans cannot be sustained

Institute in Daily Herald: Defined benefit plans cannot be sustained

Daily Herald published the following opinion piece by the Institute’s Vice President of Policy, Ted Dabrowski: Many civic groups are calling for the legislature to do something ? anything ? on pension reform. That’s fool’s advice. Instead, they should call on lawmakers to do the right thing. That means a defined contribution system. It’s the...

Dropping out of pensions

Dropping out of pensions

State law doesn’t allow for the lawmaker, who entered the upper chamber in 2008, to drop out of the system.

Illinois needs a strict spending limit

Illinois needs a strict spending limit

Illinois has a spending problem. Spending per capita has grown nearly three times faster than it would have under a responsible spending limit – one tied to the growth of inflation and population.

By Benjamin VanMetre

Liberate workers from politician-controlled pensions

Liberate workers from politician-controlled pensions

In the aftermath of this month’s scramble to pass something – anything – that politicians could call pension reform, here’s the most important reason why taxpayers should be grateful the Nekritz-Biss plan was shelved: the “funding guarantee.”

By Jonathan Ingram

Institute on ABC 20: Auditor position vacant at 3 out of 5 state pension funds

Institute on ABC 20: Auditor position vacant at 3 out of 5 state pension funds

Illinois Policy Institute Executive Vice President, Kristina Rasmussen, appeared on ABC 20 to discuss the Auditor General’s report, which found that Illinois’ unfunded pension liability grew nearly $12 billion in fiscal year 2012. The unfunded liability in the state’s retirement systems has ballooned by nearly $12 billion in the last budget year. That’s according to...

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