Chicago Mayor Rahm Emanuel expressed little concern over Moody’s Investors Service’s announcement that it might downgrade Chicago’s already-junk-rated bonds over CPS budget problems.
Chicago Public Schools has issued an additional $500 million in long-term high-interest bonds, following $387 million the district borrowed from JPMorgan in June.
In two separate deals with JPMorgan, CPS borrowed $387M to make a teacher pension payment at end of June and as a result of the deal, will accumulate at least $7M in interest.
Municipal leaders have expressed concerns about the anti-competitive, job-killing effects of Cook County’s minimum wage increases and new sick leave law and are using home rule authority to exempt their communities from the requirements.
By fixing cost drivers, decreasing the cost of doing business in Illinois, and easing the tax burden, Illinois can encourage jobs growth and stand a better chance at attracting and retaining younger people.
Illinois House Speaker Mike Madigan reportedly uses his large quantity of Cubs and White Sox tickets as gifts for his political volunteers, but his history with professional sports teams in Chicago isn’t so generous.
Workers’ compensation is a significant cost to Illinois taxpayers and drains scarce tax dollars from government coffers. A previous report in this series estimated the direct cost of workers’ compensation to state, county and municipal governments is $402 million in worker payouts per year.1 Building upon those findings, this report estimates that the total cost of workers’ compensation to...