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

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