Illinois’ financial condition worsens despite receiving billions in federal aid

By Justin Carlson

10/01/2021

A new report from watchdog Truth in Accounting shows each taxpayer’s share of state debt has nearly doubled since 2009 to $57,000 as total debt increased by $10 billion—mostly due to pension obligations.

TAGS: budget, debt, Illinois, Truth in Accounting

5 things wrong with Illinois holding 30% of U.S. pension bond debt

By Adam Schuster, Aneesh Bafna

09/10/2021

Pension obligation bonds, like payday loans, are a sign of mismanaged finances. Illinois not only leads the nation for using that risky debt, it owes the bulk of it.

TAGS: credit rating, debt, Illinois, pension obligation bonds

Pritzker seeks credit upgrades despite growing pension debt, budget deficits

By Adam Schuster

08/17/2021

Pension debt is a record $144.2 billion while Illinois’ short-term debt is on track to reach $22 billion in three years, exceeding the record $16.7 billion hit during the budget impasse.

TAGS: credit rating, debt, JB Pritzker, pensions

S&P: Growing debt, refusing reforms, population loss doom Illinois public pensions

By Noah Shaar

08/11/2021

S&P Global Ratings said Illinois’ public pension systems are in trouble, and will get worse thanks to the Illinois Exodus and because state leaders refuse to fix the problems.

TAGS: debt, Illinois, outmigration, pensions, population

Chicago’s debt grows to $43,700 per taxpayer despite federal COVID-19 aid

By Perry Zhao

08/10/2021

Fiscal watchdog Truth in Accounting’s July 2021 report showed the Windy City’s pension-fueled debt rose by $2.3 billion from 2019 to 2020 despite receiving substantial federal aid during the pandemic.

TAGS: Chicago, COVID-19, debt

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