http://www.reuters.com/article/2014/07/11/usa-illinois-pensions-moodys-idUSL2N0PM11620140711

“Detroit’s progress came about under a Michigan emergency law that applies to struggling cities like Detroit. In many states [including Illinois], by contrast, local laws and state court rulings have made it virtually impossible to cut back retirement benefits for current government employees, even for work that they have yet to perform.” via Why the State and Local Pension Problem Will Get Worse by Steven Malanga, City Journal 9 July 2014.

The decline of newspaper reporters at state capitols is well-documented. The American Journalism Review showed persistent declines in their ranks between 1998 and 2009. http://www.governing.com/topics/politics/gov-the-new-realities-of-statehouse-press-corps.html

Unions Complicity in Pension Problems

Following the Illinois Supreme Court ruling that government retiree health insurance benefits are protected by the Illinois Constitution, the idea of putting new state workers into 401(k) type plans is re-emerging as a possible option — one that might pass court review. It won’t reduce current pension liabilities but would stop further bleeding for new hires. Real, reasonable pension reform: 401(k)-style plans for new state workers

Venture activity in Illinois continued to rebound from the dismal levels a year ago; venture funds invested $168.5 million in 20 companies in the second quarter. http://www.chicagobusiness.com/article/20140710/BLOGS11/140709819/u-s-venture-funding-soars-illinois-back-from-the-dead

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The two states have identical climates – rich farmland, strong manufacturing heritages and similar workforces.  But the Hoosier State is kicking our economic butt six to Sunday. http://www.nwherald.com/2014/07/09/reeder-hoosiers-whupping-illinois-in-job-creation/apr01mz/

By: Mark Glennon* Update: Friday, 7-11-14: Today, Greg Hinz ran another article doubling down his distortion of this non-story. Hinz says today that he has further information that provides “more reason to believe today that Mr. Rauner didn’t know about the contributions.”  “More reason”? Ha! The original story left out any suggestion of that. And he runs today’s article under the headline Mystery deepens over political donations by Rauner Venture. His spin now is that, as a director, Rauner should have known about the contributions and his failure raises a question of “competency and skills” instead of ethics. Hogwash. As