Day: August 31, 2016

Chicago heroin overdose epidemic worsens on West Side – Opinion – Crain’s

Nearly 1 in 4 hospitalizations for heroin occurred on the West Side. West Side hospitalizations make up 35 percent of Chicago’s total, compared to 7 percent for the North Side. The rate of heroin overdose deaths in Chicago is much higher than in any other part of the region, including the suburbs. African-Americans die at higher rates from heroin overdose than whites do across the state.

Read More »

“Array Of Things” Launched – Enables Chicago To Spy On Entire City – Zero Hedge

“Chicago is launching a creepy new campaign to blanket the mega-city in more surveillance through its Array of Things, creating a network of (at least) 500 sensors devices that will be shared in a growing Big Data cloud.” “But in reality, Chicago is a failing, gang-infested and corrupt city that epitomizes the collapse of America. These sensors, and the thousands of other surveillance cameras and input devices are erecting an electronic concentration camp inside the nation’s most chaotic and unruly areas.”

Read More »

The $50 Billion Illinois Favor Factory Hums Along – Forbes

The top 25 accounts paid by the Comptroller received $21.8 billion. The vast majority of the payments were for social safety-net healthcare providers ($5.9 billion); the Teachers Retirement System pension payment ($3.224 billion); Cook County ($2.7 billion); Chicago Board of Education ($2.1 billion); Regional Transportation Authority ($1.7 billion); and transfer payments to the state treasurer or banks.

Read More »

Uptick Seen In City of Chicago Pensioners Drawing Big Payouts – Better Government Association

The number of retirees drawing six-figure pensions from the city of Chicago’s largest public retirement fund is rising fast, a Better Government Association analysis finds. As of March, there are 222 retirees collecting pensions of at least $100,000 a year from the Chicago Municipal Employees Annuity and Benefit Fund (MEABF), a 61 percent increase from just a year earlier. The group of six-figure pensioners is three times as large as the number four years ago.

Read More »

Shifting Grounds in the Battle Over Illinois Public Pension Assumptions – WP Original

  By: Mark Glennon*   It’s truly absurd that actuarial assumptions have become a mortal issue for Illinois state and local government, but that’s where our defined benefit pension system has left us.   The most impactful assumption is the rate of return pensions will earn on assets they have. The typical assumption of about 7.5% is universally ridiculed by financial economists. Why have overly optimistic assumptions persisted? In Illinois in recent years, that answer has been pretty clear: Pension trustees — both those appointed by politicians and public unions — wanted to hide the scope of the problem. And

Read More »

Better credit ratings, higher bond prices may not signal better finances – Truth in Accounting

“If the financial crisis of 2007-2009 taught us anything, it taught us to be careful of taking market prices at face value. Let alone credit rating agency opinions. “What’s good for GM isn’t necessarily what’s good for America, and what is good for the Chicago Teachers Union and Chicago bondholders isn’t necessarily what is good for Chicago.” Comment: Amen. The pension fiasco is far bigger than subprime mortgages or any other financial scam we’ve endured, and we seem to have learned nothing.

Read More »

Chicago Man Breaks Up With Illinois, Moves To Indiana – CBS Chicago

An individual story. In just a couple of days, he will be making the one-way drive from Chicago to Indiana. Comment: I don’t get what Rob Paral is talking about when he says the population loss is nothing new. He says Illinois has been losing population since 1950. Not true, as linked here. It’s recent. It is true for Chicago, though the shrinkage has worsened recently.

Read More »

Chicago Mayor Releases Plan to Overhaul Police Oversight – WSJ

The changes will include the creation of a new deputy inspector general responsible for auditing the entire police accountability system and identifying bad practices by the police. The proposal also recommends that the current agency responsible for investigating police misconduct be replaced by a new agency that will have civilian input in the selection of its head.

Read More »