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A stronger dollar has crimped exports across the nation, but especially from Chicago and the rest of the Midwest.
“If an American investor heard of a nation that was issuing muni bonds with shady disclosure rules and stole 90% of investors’ principal they would think the nation was some Third World banana republic. The SEC has hired only six people to chase down violators. These six have…ignored Chicago…. In Chicago property taxes only go to pay for public pensions and bond debt. They do not go for city services, in spite of what politicians say. In fact each household in Chicago now ‘owes’ the city and state $88,000 for their unfunded public pension debts. In effect the city and
By: Mark Glennon* Senate President John Cullerton has rekindled his idea that meaningful constitutional pension reform can be accomplished by offering a swap to pensioners — accept lower benefits in exchange for some sweetener. It’s called the “consideration” approach, and most of the press is reporting it as a serious alternative to the approach recently invalidated by the Illinois Supreme Court. Here’s what the City of Chicago, also searching desperately for a means to accomplish meaningful reform, said about it in a sworn court filing earlier this year: Nor would ‘consideration’ work from an economic standpoint. To
Madigan begins push for constitutional amendment for special tax in high incomes; no effort for constitutional amendment on pensions.
Great summary of where things stand.
State transportation officials warned about “a rapid deterioration in the overall condition of Illinois infrastructure due to a lack of sustainable investment.”
Officials say they are working to iron out undisclosed issues with the app, which is designed to let commuters purchase fares and manage their accounts via smartphone.
Since 1917, the state of Illinois has reneged on its pension-funding obligations. This led to the adoption of the non-impairment clause of the Illinois Constitution in 1970.
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