Through the Illinois Finance Authority.

Comment: Lots of truth in this, whether the Cubs win or lose. Especially right is “blow up the old business model.” The undeniable fact is that our model of government is totally broken. We simply are not generating the growth, jobs and revenue we need to meet promises made.

Illinois continues to shed jobs and underperform economically compared to its Midwestern neighbors, according to new federal and state reports.

Yet another example of the abject greed that went into Illinois “Tier 2 reforms.” Fat cats at the top kept the huge pensions you read about but younger ones get slammed. Only 18.5% of new teachers can be expected to work long enough to get a pension, and 6 out of 10 new teachers will lose out on both pensions and Social Security. And remember, Tier 2 members are forced to pay extra, beyond their own cost, to subsidize the unfunded liability owed entirely for Tier 1 service already performed, which we wrote about here!

Comment: Great article on Rosemont, IL based pension’s ugly past and desperate future. It’s a private sector pension but this part should be familiar to those following public pensions: “Central States Executive Director-General Counsel Thomas Nyhan said, ‘The longer we wait to act, the larger the benefit reductions will have to be.’ Yet the union bears real responsibility for its dilemma.”