-- Connecting the dots between our economy, government and business --
Comment: Yeah, but that’s because home prices have been suppressed even more than wages, both of which are lagging by national standards. See the chart linked here from the referenced study.
By: Mark Glennon* An article today in Russia’s Pravda lectures us: “If you’ve studied cost accounting at a graduate level, did cost accounting work and you look at publicly available financial data from these cities, it’s like looking at nightmare on main street parts I, II, III and IV about to happen.” “Chicago or LA, which one is more likely to collapse first? Chicago,” they say. And, “Kankakee County IL or Perry County KY? Kankakee County is more likely to go belly up first.” Yes, they ridiculed fiscal profligacy across America, but Chicago and Kankakee
He says he remains committed to getting Democrats to approve some of his pro-business agenda. He repeated that if Democrats don’t want to work with him they can balance the budget — by passing a tax increase — without his support.
Comment: The real solution to this zero-sum poaching game is a compact of some sort among states — an agreement to refrain from relocation incentives.
For the first quarter of this fiscal year, the state’s total receipts are down $987 million compared to last year’s first quarter, due primarily to the drop in income tax rates on January 1.
By: Mark Glennon* [Update 10/2/15: The Department of Insurance report discussed below originally said unfunded liabilities increased $47 billion from $111 billion two years ago, which we cited in an earlier version of this article. I contacted the Department of Insurance to alert them that those numbers were not consistent with the previous biennial report, and they corrected the new report. The corrected numbers are cited below.] The Illinois Department of Insurance publishes, every two years, a compilation of data submitted by all of Illinois’ 672 public pensions. Hot off the press, here is the link to its
Illinois Chamber of Commerce President Maisch said that he thinks small businesses and those affected by the budget impasse know that without change, growth will continue to stagnate. “The status quo is completely unacceptable,” he said. “The governor has our full support. We talk to our members every day and they’re unwavering. They say ‘if we don’t make real changes now, we may never make them and my business and my children may not be in Illinois to see the aftermath’.”
Comment: Note the nature of the error in the original story and the author. The original miscast the tax increase on mid-range homes as a tax cut, and the author is Dave McKinney, whose partisanship we’ve written about before. The article was corrected after a flurry about the original on Twitter.
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