Budget Solutions 2014: Pension reform
Budget Solutions 2014: Pension reform
The only way to end Illinois’ pension crisis is to empower government workers by transitioning benefits for all future work to a defined contribution system.
Chicago Teachers’ Pension Fund goes five years with no growth
Chicago Teachers’ Pension Fund goes five years with no growth
The Chicago Teachers’ Pension Fund, or CTPF, lost money last year. Although pension trustees predicted the fund would earn $778 million in fiscal year 2012, the fund actually lost more than $38 million. The system posted an investment return of -0.4 percent, far below the 8 percent expected. That brings the five-year average return to...
No such thing as a temporary tax hike in Illinois
No such thing as a temporary tax hike in Illinois
Illinois state Rep. Lou Lang, D-Skokie, has proposed legislation to try to address the state’s pension crisis by permanently locking in the “temporary” 2011 67% income tax increase, raising employee contributions and stretching out state pension payments. “We have close to a $100 billion unfunded liability in our pension system,” Lang said. “This unfunded liability...
The truth comes out: new pension proposal includes making 2011 tax hike permanent
The truth comes out: new pension proposal includes making 2011 tax hike permanent
Illinois House Deputy Majority Leader Lou Lang, D-Skokie, wants to hike taxes to avoid meaningful pension reform. Lang’s solution is to keep income taxes up statewide as a “reform” for Illinois’ pension systems, which are underfunded by $209 billion. He introduced legislation Wednesday, Feb. 20, that would make the record 67 percent income tax hike...
AFSCME memo releases new details on potential strike
AFSCME memo releases new details on potential strike
The Herald and Review has managed to get ahold of a new bulletin from the American Federation of State, County and Municipal Employees, or AFSCME, to its members. This new message indicates that the union is getting closer to calling for a strike, and gives the union’s rationale for a walkout, revealing some very useful facts on the state...
Money grab: Progressive income tax
Money grab: Progressive income tax
Progressive Income Tax: Money grab disguised as tax reform The same forces that helped Quinn land the governorship in 2010 and raise income taxes in 2011 are laying the groundwork for a progressive tax initiative. They want to make the temporary 2011 tax hike permanent and tax certain individuals at ever-higher marginal rates. Proponents of...
Rubio is thirsty for school choice
Rubio is thirsty for school choice
Though most of the attention Sen. Marco Rubio, R-Florida, has received since he delivered the Republican response to the president’s State of the Union speech has been about his bad timing when taking a drink of water, many of the ideas he presented should have piqued viewers’ interest. This excerpt was music to my ears: “We need...
Two of Illinois’ five pension systems lost money in 2012
Two of Illinois’ five pension systems lost money in 2012
Not a single one of the state’s five public pension systems earned more than 1 percent returns on their investments last year. In fact, two of the five funds actually lost money. Although pension trustees predicted Illinois’ five pension funds would earn more than $5.1 billion in fiscal year 2012, the funds actually earned less...
Illinois has the 2nd-highest property taxes in nation
Illinois has the 2nd-highest property taxes in nation
Statistics show Illinois is a high-tax state. Ironically, advocates of tax hikes across the state often argue that Illinois is a low-tax state. The people have a right to know the truth about Illinois tax environment.
NANNY STATE: Cook County joins the war on sugar
NANNY STATE: Cook County joins the war on sugar
Officials are hot on the tracks of another menace threatening the well-being of Illinoisans: sugary drinks.
Gov. Quinn State of the State Address 2013
Gov. Quinn State of the State Address 2013
Gov. Quinn State of the State Address 2013
Contagion: Strike fever spreads across Illinois
Contagion: Strike fever spreads across Illinois
[updated Feb. 4, 2013] With the Chicago Teachers Union having waged a largely successful strike against the Chicago Public Schools, we can expect to see other public school unions, and maybe other government employee unions, following their example. Strikes allow unions to preserve costly wages and benefits, or block needed reforms, by shutting down...
The great poverty panacea: Obama, Quinn and the minimum wage illusion
The great poverty panacea: Obama, Quinn and the minimum wage illusion
Both Gov. Pat Quinn and President Barack Obama called for an increase in the minimum wage when they made their respective State of the State and State of the Union speeches.
Illinois behind on payments to funeral homes
Illinois behind on payments to funeral homes
When destitute people die in Illinois, the state often pays for their funeral and burial expenses.