Federal COVID-19 relief going to Illinois debt rather than business relief

By Adam Schuster

05/27/2021

Pritzker borrowed during the pandemic rather than making responsible budget decisions. So Illinois’ federal relief must repay debt rather than helping businesses recover like other states.

TAGS: COVID-19, debt, JB Pritzker

Chicago’s plan to pay off COVID-19 debt with federal aid hits a snag

By Justin Carlson

05/21/2021

Chicago had planned to use half of its federal relief funds to pay down pandemic debts, but new federal guidance may prevent that. Regardless, without pension reform the city will continue drowning in debt.

TAGS: Chicago, COVID-19, debt, pensions

Chicago considers $500 monthly guaranteed income for 5,000 low-income residents

04/22/2021

Under a new proposal, the city of Chicago would issue debit cards to 5,000 low-income residents that provide $500 each month for a year using some of its COVID-19 relief money.

TAGS: Chicago, debt, government spending, UBI: Universal Basic Income

Moody’s report: Illinois pension debt reaches record-high $317 billion

By Adam Schuster

03/05/2021

Illinois worst-in-the-nation public pension debt grew 19% year over year. It will continue hurting the state economy and job growth, driving more people out of Illinois, unless there are reforms.

TAGS: debt, Moody's Investor Service, pensions, public sector

Chicago had $41,100 in debt per taxpayer before COVID-19, second to New York

By Justin Carlson

02/11/2021

A new report from government finance watchdog Truth in Accounting gave the Windy City an “F” for financial health. Chicago’s massive $36 billion net debt stems primarily from pensions.

TAGS: Chicago, COVID-19, debt, pensions

Pritzker to decide COLA increase for Chicago firefighter pensions, with $850M price tag

By Adam Schuster

01/15/2021

Over the objections of Chicago Mayor Lori Lightfoot, who called the legislation “irresponsible,” state lawmakers passed a bill to increase the cost-of-living adjustment for 2,200 Chicago firefighter pensions to 3% from 1.5%. Gov. J.B. Pritzker should veto it.

TAGS: Chicago, debt, firefighter pensions, JB Pritzker

Illinois’ mountain of debt will be Madigan’s fiscal legacy

By Adam Schuster

01/12/2021

Decades of institutionalized financial mismanagement left Illinois with the nation’s worst fiscal health. Illinois House Speaker Mike Madigan has been at the center of nearly every bad decision along the way.

TAGS: corruption, credit rating, debt, Mike Madigan, pensions, taxes

Pensions set to consume 29% of Illinois’ budget amid $7 billion debt increase

By Adam Schuster

12/17/2020

New official reporting from the state of Illinois shows both rising debt and rising costs in state retirement systems, with essential government services again facing cuts.

TAGS: COGFA: Commission on Government Forecasting and Accountability, debt, Illinois, Moody's Investor Service, pensions

Chicago taxpayers on the hook for extra $2 billion under Lightfoot plan

By Ben Szalinski

11/21/2020

Lightfoot’s budget depends on borrowing and property tax hikes.

TAGS: borrowing, Chicago, debt, Lori Lightfoot, property taxes

Report: Illinois fiscal health again 2nd worst in U.S.

By Ben Szalinski

09/22/2020

Each Illinois taxpayers owes $52,000, thanks to politicians spending more than they already take in. On Nov. 3 taxpayers will be asked for even more.

TAGS: debt, economy, JB Pritzker, pensions