THE PROBLEM Illinois’ $100 billion pension crisis is the worst in the nation. The Illinois General Assembly’s failed attempts to solve the pension crisis in the past have only perpetuated Illinois’ problem. Politicians have done nothing more than tinker at the margins of reform to avoid making tough decisions. The reality is minor changes won’t...
THE PROBLEM Illinois’ five state-run pension funds are more than $100 billion in debt, according to official state numbers. Without major reforms, the funds are headed toward insolvency – and that means retirees may see their pensions cut and younger workers may not have a pension at all. One of the biggest forces behind this...
The General Assembly Retirement System, or GARS, which offers a defined benefit plan for 294 General Assembly retirees, is nearly out of cash. Only massive taxpayer contributions are keeping the system afloat. Without those contributions, the system will run out of money in less than three years. Here are the facts on the insolvent GARS...
The Illinois General Assembly passed a record income tax increase on individuals and businesses in 2011. And Gov. Pat Quinn promised that it specifically was “designed to pay our bills.” By the end of the current fiscal year, lawmakers will have collected a total of $25.7 billion in new revenue from the 2011 tax hike....
Eighteen states made pro-growth tax changes during the 2013 legislative session. In contrast, Illinois introduced two pieces of legislation that would increase the state’s income tax. The 18 states that cut taxes this year did so across more than two dozen categories. Notably, a third of those cuts were in the personal and corporate income tax...
Illinois’ unemployment rate fell to 8.9 percent in October from 9.2 percent in August, according to the U.S. Bureau of Labor Statistics. A total of 4,800 payroll jobs were created between August and October. Today’s BLS report, which included both October and September numbers, was delayed until today due to the government shutdown in October....
In an effort to curb the tide of millions of health insurance cancellations as a result of ObamaCare, the president called on state regulators to extend the terminated health insurance policies that were canceled as a result of ObamaCare mandates. In response, Illinois Department of Insurance Commissioner Andrew Boron announced that the department “will follow...
Illinois is one of only 11 states without term limits, but a constitutional referendum proposal to bring the proposed reform to Illinois met a significant milestone. From the Chicago Sun-Times: “Bruce Rauner’s Committee for Legislative Reform and Term Limits has already reached 150,000 petition signatures — the halfway mark to getting onto the Nov. 2014...
While millions of Americans across the country are figuring out what to do about their canceled health plans – despite being promised repeatedly by the president that they could keep them – those in Congress who have enrolled in ObamaCare have managed to avoid the unpleasantness. Under the Affordable Care Act, or ACA, commonly known...
For the past several months, the Illinois Policy Institute has published ongoing updates on the progress of the Illinois Medicaid Redetermination Project, or IMRP, which has garnered significant interest over time. Some people may not remember why IMRP was launched; I do. After all, this was among the many topics I discussed when the Medicaid...
In a press conference earlier this month, Republican lawmakers proposed a resolution that urges Congress to delay the “individual mandate” and calls on the Illinois Department of Insurance to fully disclose the number of people in Illinois who are facing health insurance cancellations as a result of ObamaCare. Both calls to action are commendable and...
Will County is going through a perfect storm of unionism: an unjustified strike called by a union that is spooked by ObamaCare but unwilling to admit it. American Federation of State, County and Municipal Employees Local 1028 called for a walkout by about 1,000 county employees in spite of a pretty good offer from the...
The federal government has spent almost $155 million on Illinois’ state ObamaCare websites, according to government figures compiled by the Washington, D.C.-based Americans for Tax Reform. Just 1,370 Illinoisans added a plan to their shopping cart – a total that falls woefully short of the 17,000 enrollments federal officials had hoped for in the month...
Chicago’s recent triple-notch downgrade by Fitch Ratings is a stark reminder that Illinois’ inability to solve its pension crisis has consequences. Illinois has the lowest credit rating of all 50 states. In contrast, three of its neighbors have maintained their AAA rating from Standard & Poor’s Ratings Services. Illinois has suffered 13 downgrades from the...