Illinois lawmakers offer voters a tax hike, let deadline pass for constitutional reforms

By Ben Szalinski

05/05/2020

Only Gov. J.B. Pritzker’s progressive income tax amendment will appear on the ballot in November. Voters were denied a chance to make critical reforms to state government.

TAGS: balanced budget requirement, debt, fair maps, pensions, progressive income tax, spending cap, term limits

Why Congress should reject Illinois’ $44 billion bailout request

By Adam Schuster

04/23/2020

Two decades of fiscal mismanagement have left state finances ill-prepared for the COVID-19 pandemic. Congress should condition any additional aid for troubled states on taxpayer protections that ensure pensions are solvent, accounting is realistic and budgets are balanced.

TAGS: bailout, budget, coronavirus, COVID-19, debt, Don Harmon, JB Pritzker, pensions, U.S. Congress

McConnell says he favors allowing states to declare bankruptcy

By Adam Schuster

04/22/2020

As Illinois teeters on the edge of a junk credit rating, one key policymaker is floating bankruptcy as a solution.

TAGS: bankruptcy, coronavirus, COVID-19, debt, GDP: gross domestic product, JB Pritzker

Illinois moves closer to becoming first ‘junk’ state with negative credit outlook

By Adam Schuster

04/12/2020

Illinois’ financial outlook was changed from ‘stable’ to ‘negative’ by two major ratings firms, raising the risk the state’s credit rating will formally fall to non-investment grade status.

TAGS: bonds, credit rating, debt, Moody's Investor Service, Standard & Poor's

State worker who allegedly kept ‘mouth shut’ about ‘rape in Champaign’ to receive $2.7M in pension payments

By Austin Berg

01/20/2020

House Speaker Mike Madigan has built a substantial political army through taxpayer-funded promises.

TAGS: Champaign, constitutional amendment, debt, Forrest Ashby, ILGA: Illinois General Assembly, Illinois, Illinois Constitution, JB Pritzker, Michael McClain, Mike Madigan, Mike McClain, pensions, Springfield

Madigan celebrates 35th anniversary as Illinois House speaker

By Austin Berg

01/12/2020

Illinoisans will soon cast a vote on the biggest ballot question in the history of Madigan’s record-breaking speakership.

TAGS: credit rating, Daley, debt, fair tax, FBI: Federal Bureau of Investigation, federal investigation, graduated income tax, house rules, House Speaker, ILGA: Illinois General Assembly, Illinois, Illinois Constitution, legislative map, lobbying, Mike Madigan, patronage, progressive income tax, property taxes, redistricting, Richard Daley, Springfield, tax burden, U.S. Census Bureau

Illinois saw nation’s worst population loss during the decade

By Orphe Divounguy, Bryce Hill

12/30/2019

Illinois suffered its sixth consecutive year of population decline in 2019, driven entirely by residents leaving for other states.

TAGS: 401(k), debt, flat tax, general revenue fund, Great Recession, ILGA: Illinois General Assembly, Illinois, Illinois Constitution, JB Pritzker, job creation, Mike Madigan, outmigration, population, revenue, Springfield, tax burden, tax hikes, tax increase, U.S. Census Bureau, working-age

Former City Colleges of Chicago leader charged in $350K kickback scheme

By Ben Szalinski

11/25/2019

Contracts went to relatives, associates of former vice chancellor in exchange for kickbacks, charges state. Some contracts required no work.

TAGS: Chicago City College, corruption, debt, graduation rate, Juan Salgado, no-bid contracts, Rahm Emanuel, Sharod Gordon

Watchdog: Illinois fiscal health 2nd worst in nation

By Joe Barnas

09/25/2019

Illinois politicians have too often ignored the necessity of true pension reform and instead opted for tax hikes.

TAGS: budget, debt, taxes, Truth in Accounting

Moody’s report: Illinois one of two states unprepared for next recession

By Adam Schuster

05/21/2019

Financial stress testing shows Illinois and New Jersey are the most unprepared for the next recession. Both states lack sufficient rainy day funds and struggle with large pension debt.

TAGS: debt, Moody's Investor Service, municipal pensions, pension guarantee, pensions, recession, revenue