Unfunded Public Pension Liabilities Nearly $20,000 Per Resident of Chicago – The Civic Federation

http://www.civicfed.org/civic-federation/blog/unfunded-public-pension-liabilities-nearly-20000-resident-chicago Comment: Keep in mind that most Chicagoans have little or no ability to help pay this. Half live in or near poverty. Billing this to those with ability to pay means hundreds of thousands of dollars per household. And that’s using the official numbers, which is what the Civic Federation reported here, which are crap. The real pension liability is much worse.

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Anatomy of your Quinncome Tax – Chicago Tribune

The November election is “also a referendum on whether voters ought to hold this state’s politicians to their words.” Governor Quinn, Senate President John Cullerton and House Majority Leader Barbara Flynn Currie all lied about the last tax increase. via Anatomy of your Quinncome Tax – Chicago Tribune.

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‘Et tu’ for state handouts, University of Chicago? – WP Original

By: Mark Glennon*   If there’s a phrase synonymous with the University of Chicago, it’s surely “free to choose.” That’s the title of an exceptionally influential book and television series from 1980 by Milton Friedman, the former U of C Nobel economist.   But don’t ask if our kids were free to choose whether they should help pay for U of C’s new incubator for entrepreneurs, the Chicago Innovation Exchange. Earlier this month, the State of Illinois announced a $1 million grant to it out of the infamous 2009 Jobs Now program, funded by bonds that we and our kids

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Budgetary Gimmicks Allow Spending Increases in State’s FY2015 Budget – Civic Federation

http://www.civicfed.org/iifs/blog/budgetary-gimmicks-allow-spending-increases-state’s-fy2015-budget The increase of $528 million represents only a 1.5% increase in spending. However, the State’s General Funds revenues are projected to decline by $1.7 billion, or 4.6%, to $35.1 billion from $36.8 billion. The enacted FY2015 budget additionally includes borrowing $650 million from other State funds to make up for some of the lost revenue.

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Your Metra fare hike will not go to new trains – Chicago Tribune

Only $2.4 million of the $27.3 million the fare hike would generate next year would go toward the purchase of new rolling stock. The rest would plug holes in the 2015 operating budget, including almost $20 million in increased wages and benefits. Metra’s operating expenses are going up 6.4 percent, well above the rate of inflation. via Your Metra fare hike will not go to new trains – Chicago Tribune.

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Univ. of Ill. at Chicago plans proposal for Obama library corridor to North Lawndale – A.P.

UIC plans to submit a lofty proposal to create an Obama presidential library corridor, using public transportation to link its Near West Side academic campus to a desolate site in North Lawndale that has been devoid of new development for nearly a half-century. http://readingeagle.com/ap/article/university-of-illinois-at-chicago-plans-proposal-for-obama-library-corridor

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School funding overhaul shelved for now

A controversial proposal to overhaul how Illinois funds public schools won’t come up for debate during the General Assembly’s fall veto session. http://www.pantagraph.com/news/local/education/school-funding-overhaul-shelved-for-now/article_3d2d9d8f-f0e0-5d84-ad9c-fa02a6e17361.html

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