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

Chicago’s new mayor inherits taxpayers facing biggest public debts of nation’s top 10 cities

By Joe Barnas

05/18/2019

Each Chicago taxpayer is on the hook for $119,110 worth of unfunded state, city, county and other local government debt. Many of the pensions driving those debts become Lori Lightfoot’s problem on Monday.

TAGS: Chicago, debt, Lori Lightfoot, municipal pensions, pension guarantee, pensions, property taxes, Rahm Emanuel, taxes

Illinois banks $400M in savings from pension buyouts it can’t calculate

04/11/2019

Illinois borrows money to reduce pension obligations, with more borrowing planned. Claims $400 million in current budget savings, but admits to investors it cannot calculate any savings.

TAGS: Accelerated Pension Benefit Payment, bonds, borrowing, debt, JB Pritzker, pension guarantee, pensions

Illinois House members address urgent need to balance state budget

By Brad Weisenstein

03/02/2019

Democrats in the Illinois House are leading the push for a constitutional amendment that would require the state to balance its budget – a feat state lawmakers haven’t achieved since 2001.

TAGS: balanced budget requirement, budget, debt, Jaime Andrade Jr., Jerry Costello, Mary Edly-Allen, Monica Bristow, Terra Costa Howard

S&P to Pritzker: Pension reform only way to avoid ‘junk’ credit rating

By Vincent Caruso

02/24/2019

A report from one of the largest credit rating agencies criticized Gov. J.B. Pritzker’s “dubious” budget proposal for avoiding necessary fiscal reforms.

TAGS: bonds, credit rating, debt, municipal pensions, pension guarantee, pensions, Standard & Poor's