Chicago Public Schools pension payment will increase by roughly $400 million due to the expiration of a temporary “pension holiday.” Local lawmakers knew this was coming but did nothing to prepare for the increased payment. The good news is there is a simple, responsible way to cut more than 30 percent of the increased pension...
by Josh Dwyer When Chicago Public Schools first announced that it was closing schools, the primary justification it gave was to save money – upward of $500,000 to $800,000 per school. It needed the money to address the looming pension cliff the city is facing next year. When people began questioning those numbers, CPS’s story...
Illinois’ tax code stands in the way of the state’s economic competitiveness. The combination of high tax burdens and a poor tax structure contributes to the loss of jobs and investment to other states. From a place of former economic dominance, Illinois now ranks 45th in gross state product (GSP) growth over the past decade...