Major ratings agencies have assigned a negative outlook to Illinois. To move forward, the state can’t pass just any budget – especially one that’s $7 billion out-of-whack – to get beyond its crisis. With today’s fiscal stress, a bad budget is worse than no budget. A budget without reforms will only allow Illinois’ debt to continue to spiral, putting investors – and more importantly, Illinois residents – at risk.
Under former Gov. Jim Edgar’s pension ramp, unfunded pension liabilities have increased nearly $100 billion despite taxpayers contributing $16.4 billion more to the five state-run pension systems than required under the Edgar plan.
Chicago’s four city-run pension funds’ poor returns on investment in 2015 are a good reminder why defined-benefit pensions are a failure for both taxpayers and government workers.
The most recent Illinois WARN report shows 1,300 mass layoffs in May, including 513 layoffs in the manufacturing sector, up from 450 large-scale layoffs and six manufacturing layoffs in April.
The Illinois Environmental Protection Agency is again mailing notices of vehicle-emissions-testing requirements to vehicle owners, and effective June 1, the Illinois secretary of state has resumed requiring certain drivers to pass emissions tests prior to renewing their license plates. Drivers scrambling to comply by the secretary of state’s June 1 effective date caused headline-making traffic jams throughout Chicago and its suburbs.
Palatine-area Community Consolidated School District 15 posted its 10-year contract with its teachers union more than a month after it had been signed, ensuring that potentially harmful contract provisions can only come to light after it is too late for students, parents and taxpayers to do anything about it.
Illinois students could soon benefit from scholarship money to help them find a tutor, attend ACT or SAT prep sessions, pay tuition, get special education services or assist with other academic needs. That will happen in Illinois only if Gov. J.B. Pritzker lets the state’s schoolchildren benefit from the Federal Scholarship Tax Credit program, established...