Reuters: Illinois asks high court for pension law hearing as soon as January
Illinois’ top attorney asked the state supreme court on Thursday to put constitutional challenges to a pension reform law on the fast track by scheduling oral arguments as soon as Jan. 22 and no later than March 10.
Attorney General Lisa Madigan filed a motion to accelerate the state’s appeal of a Nov. 21 Sangamon County Circuit Court judge’s ruling that the law aimed at easing Illinois’ huge pension burden violated protections in the state constitution for public worker retirement benefits.
“A prompt resolution of those issues is critical because the state must either implement the act, or in the alternative, significantly reduce spending and/or raise taxes,” the motion stated.
Reuters: Fiscal woes weigh on Illinois credit ratings -analysts
Illinois’ already low credit ratings could sink further next year if the state’s new governor and the legislature fail to deal with festering fiscal problems, analysts said on Thursday.
“We’re certainly going into a crucial period for Illinois over the next six months,” said John Sugden, a credit analyst at Standard & Poor’s Ratings Services.
The Democrat-controlled legislature ended its fall session on Thursday without addressing the partial rollback of income tax rates at the year’s end that will leave a nearly $2 billion hole in the current state budget, and pump up the state’s chronic backlog of unpaid bills.
Wall Street Journal: November Jobs Report
U.S. employers added 321,000 jobs last month—the best monthly gain in almost three years–while the unemployment rate held steady at 5.8%, the Labor Department said Friday. Economists surveyed by The Wall Street Journal had expected payrolls to increase by 230,000 in November and the unemployment rate to remain 5.8%. Here are highlights from the report.
Job creation in recent months was stronger than previously estimated. Payroll figures for October and September were revised up by a total of 44,000. The October gain was 243,000 compared with a first estimate of 214,000, while September figures were marked up to 271,000 from 256,000.
Chicago Tribune: Emanuel challenger Garcia calls for graduated income tax
Chicago mayoral challenger Jesus “Chuy” Garcia says the city will need a lot more money to cover its government worker pension costs and suggests a graduated income tax might be a way to get there.
Garcia, a Cook County commissioner running against Mayor Rahm Emanuel in the Feb. 24 city election, said he would look for “progressive” revenue sources to fund the pension system. Though Garcia was short on specifics, he did say he supports a graduated income tax system where more affluent people pay higher rates than less wealthy individuals.
To enact such a change, Garcia would have to change the Illinois Constitution, an uphill climb to be sure.
Ward Room: Karen Lewis Returns to Work Part-Time After Health Concerns
Chicago Teachers Union President Karen Lewis has returned to her post on a part-time basis less than two months after she was diagnosed with a brain tumor, officials said.
The former mayoral contender was present at a CTU house of delegates meeting Wednesday, but spokeswoman Stephanie Gadlin said she returned to work Monday with her modified schedule.
Lewis had emergency surgery in October after she was diagnosed with a cancerous brain tumor.
Chicago Sun Times: U.S. employers add 321,000 jobs in November
U.S. employers hired at the strongest pace in nearly three years in November, adding 321,000 jobs, the latest sign the United States is outperforming other major economies by growing steadily and generating consistently healthy job gains.
The Labor Department says the unemployment rate remained at a six-year low of 5.8 percent. And 44,000 more jobs were added in September and October than the government previously estimated. Job gains have averaged 241,000 a month this year, putting 2014 on track to be the strongest year for hiring since 1999.
The large gains come after the economy expanded from April through September at its fastest pace in 11 years. The additional jobs should help boost growth in the coming months.
Daily Herald: Ex-state lawmaker Farnham expected to change plea in child porn case
A former Illinois state representative is expected change his plea to guilty in a child pornography case.
A defense filing this week said Elgin Democrat Keith Farnham intends to plead guilty in federal court in Chicago on Friday as part of a plea deal.
The 66-year-old pleaded not guilty earlier this year to possessing, receiving and transporting child pornography.
SJR: Lawmakers pass bill stopping pensions for felons
Illinois lawmakers have passed legislation giving the attorney general more power to stop state pension payments to convicted felons.
The Senate approved the measure by a 51-0 vote Thursday. The House approved the measure last month.
The legislation gives the attorney general the ability to intervene to halt pension payments to anyone convicted of a felony related to their public service.
CBS Local: Chicago, New York, Honolulu To Submit Proposals For Obama Library
Three U.S. cities that President Barack Obama once called home are trying to outdo one another as the competition to host his future presidential library comes to a close.
Next week, a handful of Obama’s oldest friends and associates will start judging proposals from two universities in Chicago and one each in New York and Honolulu, and by the end of March, Obama and the first lady will announce the winner. Knowing the future library will be a prominent tourist attraction and historical site, each community is offering Obama prime real estate, financial backing and grand visions for what his library could look like.
The Barack Obama Foundation has requested specifics on a host of items, including local zoning and transportation, architectural design and management plans. But the foundation’s board, which includes Obama’s sister and his former campaign manager, has made clear that a university’s ability to help pay for the project will also be a factor.
The Atlantic: How Companies Hide the Spoils of Winning Government Contracts
General Electric, the venerable maker of light bulbs, refrigerators, and other appliances, recently announced that it was selling off its consumer products division because the profit margins are too low. While GE bids that division goodbye, it’s holding onto its highly lucrative government-contracting business, in which a less-demanding customer leaves room for higher margins. Between 2007 and 2012, GE secured more than $16 billion worth of federal contracts, which might have something to do with the fact that it spent $150 million on lobbying during that period.
How often do these sorts of contracts roll in for companies that spend heavily on political advocacy? Unfortunately, there’s not enough public information to say.
Journalists and critics frequently bring up the dizzying totals that special interests put into elections—one estimate was that $3.7 billion was spent on last month’s midterms—but it’s much less common to hear about the impact of that money on the government’s decision making.