Day: June 10, 2014

How bond investors view Quinn’s pension action – Bloomberg

June 10, 2014 No Comments

Chicago moved forward in its effort to rescue a pair of pension funds and stabilize its finances when Gov. Quinn signed a bill that cuts benefits and makes employees pay more for retirement.  Investors punished Chicago debt in the run-up to yesterday’s deadline for Quinn to decide on the bill. http://www.chicagobusiness.com/article/20140610/NEWS01/140619993?template=mobile

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Kankakee can’t fix pensions; Mayor: ‘almost a mathematical impossibility’ – The Daily Journal

June 10, 2014 No Comments

Kudos to Mayor Nina Epstein for calling it straight. Can we now move on to discussing solutions as big as the problem? You already knew that Kankakee might be the first to tank if you’ve been reading here, especially our story that singled out Kankakee last month. Count on more mayors coming out and saying the same.   http://www.daily-journal.com/news/local/kankakee-can-t-fix-pension-crisis/article_7c8ad13b-8937-5c37-a24f-af4b01ac0886.html

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Paper: Level of Corruption Linked to Amounts Spent on Large Infrastructure Projects – The Bond Buyer

June 10, 2014 No Comments

A direct correlation exists between the level of public corruption in a state and how much the state spends on highways and construction projects, according to a new study that looked at convictions under federal corruption laws over more than three decades. http://www.bondbuyer.com/news/washington-infrastructure/level-of-corruption-linked-to-amounts-on-large-infrastructure-projects-1063226-1.html

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2015 Chicago mayoral election won’t be pleasant – Reboot Illinois

June 10, 2014 No Comments

Chicago mayoral elections are for some of us a fun happening in the city.  But not this time!  The 2015 Chicago mayoral election will not be a pleasant event.  The city’s problems have grown from being fiscally difficult to economically dangerous. http://www.rebootillinois.com/2014/06/09/uncategorized/paulgreen/2015-chicago-mayoral-election-wont-pleasant/10040/

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SIU med school, union still at odds – The Southern

June 10, 2014 No Comments

For the second time in two months, the Southern Illinois University School of Medicine is going under the microscope for possible violations of state labor law.  A state labor relations panel issued a complaint against the Springfield-based school, saying SIU administrators breached a union agreement by refusing to process employee grievances or withhold union dues for a group of nearly 250 workers. http://thesouthern.com/news/local/siu/siu-med-school-union-still-at-odds/article_bcfd0035-a53e-5a55-9d88-be75f0dc0c09.html

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What happens when minimum wage is raised to $15 an hour – Illinois Review

June 10, 2014 No Comments

On the Illinois ballot in November, voters will be asked if they favor Illinois raising the minimum wage to $10 per hour. Observers are now wondering if the amount on the ballot advisory should have been $15 per hour, the new high level for minimum wage workers. In the city of SeaTac, Washington, where the minimum wage is now $15 an hour, one business is charging customers a “living wage” surcharge. http://illinoisreview.typepad.com/illinoisreview/2014/06/what-happens-when-minimum-wage-is-raised-to-15-an-hour.html

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The headlines should have been “Bill OKs More Taxpayer Debt to Chicago Pensions” – WP Original

June 10, 2014 2 Comments

By: Mark Glennon*   How does this pension reform plan sound? “We’ll put billions of dollars into the pensions in distant years. Dunno where we we’ll get it.”   That’s not reform and not a plan — just unfunded debt — but that’s a pretty fair summary of the new bill many headlines are calling Chicago’s “pension reform plan.”   Yes, the bill awaiting Quinn’s signature includes meaningful reductions in pension benefits that will help. But here are the facts of overriding importance, and these are not in dispute:   – Even with those reductions and the new payment schedule

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