The troubles continue for the five state retirement systems according to new state report.

An audit released by Illinois Auditor General William Holland Wednesday shows all with liabilities under fifty percent.

The audit offered suggestions for better transparency and stress testing, but the fundamental problem has remained the same for several years.

Governor-elect Bruce Rauner’s team this week released a memo that highlights the size of the task it must achieve if it is to right Illinois’ sinking economic ship.

And that task is big — as in billions of dollars.

The memo from transitional budget director Tim Nuding to the governor-elect attempts to explain how the holes in the state budget grew to current proportions and why Illinois must fundamentally change the way the state operates.

The income tax rate in Illinois has dropped down to 3.75 percent, because of the new year.

In 2011, Illinois lawmakers passed a tax hike that raised the income tax from 3 to 5 percent to cover the state’s budget problems. The tax hike expired at the end of 2014 though. The income tax rate in Illinois is now back at 3.75 percent.

The Illinois Policy Institute says the new tax rate could save Illinois families more than $1,000 a year. Over the past three years, the state of Illinois has received more than $31 billion in extra tax revenue.

It’s no secret that Illinois’ finances are a disaster. But as a new administration takes charge, expect the situation to get worse before it gets better.

The current state budget is filled with land mines. There were no provisions to reduce the state’s backlog of unpaid bills, and the backlog has increased to $5.4 billion from $4.6 billion already this fiscal year. The budget was propped up with a short-term loan of $650 million — money that will have to be repaid next year. Even with the loan and extra tax revenue, the budget still spent $700 million more than the state will take in. And, if that’s not bad enough, the governor’s office recently admitted that $470 million in essential operating expenses were overlooked in the budget.

All of this is just what has been publicly reported. More is likely to be found.

Food trucks are increasingly popular in U.S. cities, and much of the credit may belong to smartphones and social media.

“Technology allows food trucks to broadcast their location information to consumers in real-time, which reduces consumer uncertainty and increases demand for and profitability of food trucks,” Elliot Anenberg and Edward Kung wrote in a paper being presented Monday during the American Economic Association’s annual meeting in Boston.

The rise of high-end food trucks in recent years has led to some tension with their competition, brick-and-mortar restaurateurs.

Technology innovators and CEOs seem positively giddy nowadays about what the future will bring. New manufacturing technologies have generated feverish excitement about what some see as a Third Industrial Revolution. In the years ahead, technological improvements in robotics and automation will boost productivity and efficiency, implying significant economic gains for companies. But, unless the proper policies to nurture job growth are put in place, it remains uncertain whether demand for labor will continue to grow as technology marches forward.

Recent technological advances have three biases: They tend to be capital-intensive (thus favoring those who already have financial resources); skill-intensive (thus favoring those who already have a high level of technical proficiency); and labor-saving (thus reducing the total number of unskilled and semi-skilled jobs in the economy). The risk is that robotics and automation will displace workers in blue-collar manufacturing jobs before the dust of the Third Industrial Revolution settles.

The rapid development of smart software over the last few decades has been perhaps the most important force shaping the coming manufacturing revolution. Software innovation, together with 3D printing technologies, will open the door to those workers who are educated enough to participate; for everyone else, however, it may feel as though the revolution is happening elsewhere. Indeed, the factory of the future may be 1,000 robots and one worker manning them. Even the shop floor can be swept better and cheaper by a Roomba robot than by any worker.

If you’ve ever stood on a cold street late at night wishing desperately and hopelessly for a cab, Uber is the answer to your prayers. Its pricing model, which includes higher fares at times when demand peaks, is designed to make sure you get a ride whenever you need it.

But instead of seeing this option as heaven-sent, some riders damn the company as Satan’s spawn. On New Year’s Eve, Uber boosted its New York City fares nearly eightfold to ensure the supply of drivers needed to meet high demand. Some partygoers accepted the offer rather than take the subway, wave forlornly at occupied cabs or stagger home.

The New York Daily News reported that several angry customers posted receipts showing charges of well over $100, with some vowing to boycott Uber. “The most expensive 8 minutes of my life!” fumed one. She was not the first person ever to do something on New Year’s Eve that she regretted afterward.

On the front of today’s New York Times business section is a remarkable—or should I say remarkably unremarkable—news article whose entire premise, unchallenged in the course of 1,341 words and input from 10 sources, is that more government spending is a very good thing because it leads to more government jobs and therefore helps the economy. Hooray!

If you think I am being unfair in this characterization, consider the headline: “Government Spending, Edging Up, Is a Stimulus.” Or the headline on the jump page inside: “Rebound in Government Spending Starts to Aid Economy After Years of Cuts.” Or the headline on the associated chart: “A Small But Important Lift.” Or the blurb: “The public sector is once again adding to prosperity.” Before consuming some counter-factual questions, enjoy the celebratory sounds of friction-free assumptions and loosening belts: