Editorial: Madigan and Democrats Tax Increase Attempts

We are now in the final week of the normal Legislative Session.  The House under Michael Madigan and Democrat control have passed 72 spending bills and so far all of them anticipate making the 2011 “temporary” tax increase permanent.  He also continues to put a so called millionaire tax on the ballot for November. Madigan […]

Chicago is tackling the worst pension crisis in the US

By Neil Munshi and Norma Cohen Chicago is tackling the worst pension crisis in the US. But methods that got it into its bind are still used across America Since the start of this school year, Annie Stoball has been walking her nine-year-old granddaughter Kayla across four blocks to Gresham Elementary on Chicago’s South Side. […]

University of Chicago Economist Eugene Fama on Illinois Bonds

How do you feel about buying Illinois bonds? Well, in the short term, they’re OK. In the long term, I wouldn’t touch them. The [state’s] pension liability is much worse than [the reported $100 billion that] people think. How so? States discount their liabilities—I think Illinois uses a discount of 7.5 percent [it’s between 7 […]

Dec 3-Lawmakers to Consider Pension Proposals; Legislative Panel Close to a Solution???

There is apparently a possibility of lawmakers returning to the Capitol to consider one or more proposals to reform the state’s public pension plans, which have the infamous designation of being the worst-funded pension plans of any of the states. Senators were notified this week to be prepared to meet in session on Tuesday, Dec. […]

Veto Week-What Didn’t Happen & What Did

The first week of the annual fall veto session concluded Wednesday, Oct. 23 and it was pretty uneventful, ending with the Senate quickly disposing of the few vetoed measures and then moving on to address other issues many people would consider minor and less critical compared to the state’s poor business climate, pension reform and […]

GOP, Madigan Aligned on Some of Toughest State Issues

This headline should send the rank and file Republicans into a frenzy of disbelief. There is something drastically wrong in Springfield when the man behind much of the legislation that has cause our state to be the most broke state in the country. Here are excerpts from the Daily Herald article: Much of last year, […]