Unfortunately, 2012 was another dismal year for budget and tax policy in Illinois. It seems that the more things change the more they get worse in this state. But the Illinois Policy Institute is fighting to fix that. We believe that Illinois can once again become a beacon of economic freedom, individual liberty and prosperity....

As the pension crisis threatens to engulf Illinois, legislators continue to fiddle. It’s no secret that Illinois has the worst-funded state pension systems in the nation. That’s an accepted fact by those on both sides of the aisle. Unfortunately, that fact hasn’t motivated any action from the state’s politicians. Now recent news point to even...

If Illinoisans want a glimpse of the state’s upcoming fiscal cliff, they should look no further than the failed negotiations between the maker of Twinkies and the unions that took them on. Hostess Brand’s bankruptcy is much more than the demise of famous brands like Twinkies, Ho Hos and Wonder Bread. It’s also the tragedy...

Illinois’ pension systems are one year closer to complete insolvency. According to actuarial reports, the state’s five public pension systems owe a combined $94.6 billion. That’s up 14 percent from the $82.9 billion reported last year. Worse yet, none of the pension systems have enough assets on hand to pay benefits to those who have...

Last week, Moody’s Investors Service downgraded the credit rating of Chicago Public Schools. Today, it’s Fitch Ratings that’s downgrading CPS. The school district’s credit rating now sits at A with a negative outlook, the same rating given to Illinois, which has the lowest rating of all 50 states. According to Fitch, the downgrade was caused by the district’s deteriorating...

On Thursday, Moody’s Investors Service downgraded the credit rating of Chicago Public Schools. The school district’s credit rating now sits at A2 with a negative outlook, the same rating given to Illinois, which has the lowest rating of all 50 states. According to Moody’s, the downgrade reflects CPS’s weakened financial condition, caused primarily by the facts that:...

THE PROBLEM Illinois reports that it owes $83 billion to its five public pension funds. That amount represents the chronic failure of the state to fully fund its pension systems, overly generous retirement benefits for state workers, and the inability of those funds to meet their investment targets. Unfortunately, this $83 billion figure grossly understates...

by Taylor Smith It’s no secret that Illinois’ record income tax hike has failed to revive Illinois’ fiscal health. But it also has dramatically exacerbated the state’s economic outlook on many levels. Since the tax hike, Illinois’ unemployment numbers have worsened. In 2011, Illinois’ unemployment rate increased most in the nation – by far – with 46...

A new pension calculator allows individuals to see just how generous government employee pensions really are.