If Illinois fails financially, it will not do so in unison with the rest of the country. Will voters from Texas, Florida and the rest of the states send their tax dollars to help? Perhaps the success of "The Mount Vernon Statement" suggests not.
If Illinois fails financially, it will not do so in unison with the rest of the country. Will voters from Texas, Florida and the other 45 states send their tax dollars to help? Perhaps the success of "The Mount Vernon Statement" suggests not.
Chief Medicare Actuary, Richard Foster, testified before the House Budget Committee earlier this week. See what he had to say about two of the main promises of ObamaCare.
by Wesley Fox Over the last two years, many states have faced large budget shortfalls due to declines in revenue and continued spending at unaffordable rates. Some have dramatically cutback spending to balance their budgets, while others have raised taxes. The CATO Institute’s Fiscal Policy Report Card provides an excellent assessment of the responses of U.S. governors...
by Wesley Fox Illinois along with California have massive budget shortfalls in 2011. In order to help states deal with budget crises, University of Pennsylvania Law Professor David Skeel argues states should be able to go into bankruptcy. Local governments have been able to declare bankruptcy in order to settle debts since the 1930s, but states have...
by Ashley Muchow Steve Malanga’s article in the WSJ today covers a topic that is both timely and closely connected to Illinois’s deteriorating fiscal condition. One measure about to reach the lame-duck Congress floor is a call to extend Build America Bonds (BABs)–bonds used by states and municipalities to accrue nearly $160 billion in new debt...
The Problem Previous Institute reports have shown how officials within Illinois’s legislative and judicial branches are paid significantly higher than national averages. Illinois state representatives and senators earn a base salary of $67,836—the fifth-highest legislator salary in the country. Only California, Michigan, New York and Pennsylvania pay their legislators more. Judges serving on the state’s...
Occupational licensing requirements present one of the steepest barriers to low-income Illinoisans starting careers in beauty services. Illinois requires anyone seeking to become a barber, cosmetologist, nail technician or hair braider to obtain a state license, essentially a permission slip to work. Unlike 45 other states, Illinois offers only one pathway to licensure for each...