-- Connecting the dots between our economy, government and business --
Pension woes further ensnared local government today as a major credit rating agency, Moody’s Investors Service, lowered its view of Cook County debt another notch but kept it above the junk level the city of Chicago has achieved. Moody’s cautioned today that the outlook on Cook County debt remains negative, with a strong possibility of a further downgrade to come.
By Elliot Richardson, CEO of the Small Business Advocacy Council.
By: Mark Glennon* The Civic Federation of Chicago has a long, proud history as a watchdog for fiscal responsibility, particularly on pensions, providing an almost indispensable voice for the business community. They slipped in recent years, however, which raises some bigger questions about our whole business community. We will come back to that later, but first a bit of good news. Yesterday, The Civic Federation published a piece on the funding changes for Chicago police and fire pensions recently passed by the General Assembly, which has not yet been sent to Gov. Rauner for signature. The Civic Federation
Presented without comment: 1. Sue banks for toxic swaps and predatory fees 2. Restore progressive elements of the state corporate and income tax 3. Properly tax La Salle Street and profits that are sequestered in off-shore tax-free accounts. 4. Tax luxury services.
State Rep. Ron Sandack (R-Downers Grove) calls this a must-read for every Illinoisan.
Under the bill, Illinois firms needing air permits, mostly manufacturers, will be able to get them directly from the state, rather than dealing with a sometimes balky federal government.
Madigan said Republicans are dreaming if they think the budget will pass without new revenue. He said both the Rauner and Democratic proposals are short billions of dollars.
IL Democrats touted Thursday what they called a compromise over the budget impasse with Republican Gov. Bruce Rauner. But the plan they pushed through the House had no GOP support.
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