Repeating past mistakes: Pritzker proposes borrowing, stretching out payment ramp as pension solution

By Adam Schuster, Brad Weisenstein

02/15/2019

Trying to fix a massive pension deficit with more tax increases, deferring payments and gambling with taxpayer money is a recipe for failure.

TAGS: bonds, borrowing, credit rating, Dan Hynes, JB Pritzker, pension guarantee, pensions, progressive income tax

Moody’s: New taxes could accelerate Illinois exodus

By Vincent Caruso

02/08/2019

Ahead of Gov. Pritzker’s first budget address, one of the “big three” credit rating services warned the new governor against raising taxes.

TAGS: bonds, credit rating, JB Pritzker, Mike Madigan, Moody's Investor Service

Illinois Supreme Court defends inflated pensions for Chicago union leaders

By Adam Schuster

12/01/2018

Once again proving why the state must amend the Illinois Constitution’s pension clause, the court unanimously ruled in favor of a special perk that inflated union leader pensions to nearly three times the pension of the average worker.

TAGS: Chicago, credit rating, municipal pensions, pension guarantee, pensions, Rahm Emanuel

Pensions, debt push Oak Lawn toward ‘junk’ credit rating

By Vincent Caruso

10/21/2018

The Chicago suburb is facing severe fiscal challenges brought about by its unsustainable pension burden and $75 million in debt – a trend that has become too common among Illinois municipalities.

TAGS: budget, credit rating, municipal pensions, oak lawn, pension guarantee, pensions, property taxes

Moody’s: Illinois pension debt-to-revenue ratio hits all-time high for any state

By Adam Schuster

08/31/2018

According to a new report by Moody’s Investors Service, Illinois’ unfunded pension liabilities equaled 601 percent of state revenues in 2017, a U.S. record.

TAGS: bonds, credit rating, debt, employment, harvey, Moody's Investor Service, municipal pensions, pension guarantee, pensions, peoria, taxes

State of Illinois confirms new budget is out of balance by $1.2B

By Adam Schuster

08/21/2018

Despite claims from some state lawmakers that the fiscal year 2019 budget is balanced, official reports to bond buyers admit a deficit of more than $1 billion.

TAGS: balanced budget requirement, budget, credit rating, GOMB, John Cullerton, Mike Madigan, spending cap

Illinois jobs growth spikes in June, double the growth of the rest of the U.S.

By Orphe Divounguy, Bryce Hill

07/20/2018

Illinois added 18,100 new jobs in June, the highest monthly increase since summer 2017, but the Prairie State still lags behind the rest of the nation for the post-recession period.

TAGS: BLS: Bureau of Labor Statistics, credit rating, IDES: Illinois Department of Employment Security, income tax, jobs, spending cap, taxes, unemployment

Moody’s: Janus win potentially credit positive for Illinois

By Adam Schuster

06/27/2018

A landmark case on worker freedom could have positive effects on Illinois’ fiscal health, according to a leading ratings agency.

TAGS: AFSCME: American Federation of State County and Municipal Employees, budget, credit rating, Janus v. AFSCME, Moody's Investor Service, pensions

As city of Springfield sees taxes rise, its population falls

By Joe Kaiser

06/06/2018

With pension debt straining city finances, local politicians have insisted on turning to its declining population for more tax revenue.

TAGS: bonds, credit rating, municipal pensions, outmigration, pensions, population, property taxes, Sangamon County, Springfield, taxes

Budget gimmicks explained: Why the new Illinois spending plan is not balanced

By Adam Schuster

06/01/2018

Lawmakers claiming to have passed a balanced budget are relying on a number of common, but deceptive, budget maneuvers.

TAGS: budget, credit rating, pensions

Budget Solutions 2020: A 5-year plan to balance Illinois’ budget, pay off debt and cut taxes

Gov. J.B. Pritzker inherited a $2.8 billion budget deficit the moment he stepped into office. Next year, that deficit is projected to be $3.4 billion1. It’s the same story every budget season. But Illinois’ budget crises could be a thing of the past if the state would adopt pension reform, right-size its union contracts and...

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Budget Solutions 2020: A 5-year plan to balance Illinois’ budget, pay off debt and cut taxes

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Tracy Ross

Policy lessons from Illinois’ exodus of people and money

CBS Chicago: Illinois’ highest-paid superintendent receives $400K per year to oversee 1,200 students