-- Connecting the dots between our economy, government and business --
A paid holiday to go to the polls might not seem like a big deal. But it’s a symptom of a larger problem. AFSCME members belong to a special, protected class in Illinois. The other 99.9 percent of the state’s workforce? Not so much.
Chicago Public Schools announced $3 million in raises to school leaders the same week that its teachers ratified their new $9.4 billion contract.
By: Mark Glennon* This is very bad news indeed. COGFA, the Commission on Government Forecasting and Illinois, just released its Illinois state revenue report for October and the fiscal year to date (which began July 1). Tax revenue continues to drop, despite the supposed economic recovery. Comparing this October to last October, overall base revenues fell $304 million. Receipts from the individual income tax, corporate income tax and sales tax all declined, although transfers the state gets from the Federal government also contributed to the drop. Comparing this fiscal year-to-date to the same period last year,
New IRS data show taxpayers who left had an average income of $77,000 per year, compared with taxpayers who entered Illinois, who had an average income of $57,000 per year. Comment: Yes, money does walk. Illinois Policy Inst. has been doing a great job analyzing IRS data on migration of AGI. Naturally, our ace press corps ignores it. Others have complained about the Obama Administration stalling release of this data, their suspicion being that the flight of money from high tax, blue states is too embarrassing. The most recently released data are from 2014.
But not enough. The unfunded liability will continue to grow and grow.
Robert Creamer, founder and partner of Democracy Partners, the group behind the organized violence at Trump rallies, as shown in the video by James O’Keefe and Project Veritas, is no ordinary agitator. Creamer, a convicted felon, is arguably the spiritual godfather of ObamaCare and much of the current progressive left agenda. Schakowsky’s camaign is a client of Democracy Partners.
Chicago’s Geofeedia, Narrative Science, Cleversafe and Initiate Systems among the companies funded by IQT.
By: Mark Glennon* Yesterday, Bloomberg ran a syndicated story under its headline, “New Jersey Tops Illinois as State With Worst-Off Pension System.” The story covers what you would expect — how horrible the problem is for both states, how it’s crowding out other spending, causing credit downgrades and so on. But Crain’s published that Bloomberg story under this headline: “Illinois’ pension woes are not so bad after all.” No, the story said no such thing! As we’ve said from the start on this site, when the books are written about Illinois’ collapse, whole chapters will be
The Chicago exchange, which handles a sliver of U.S. stock-trading volume, says it wants to reduce costs for investors and thwart aggressive high-frequency-trading strategies by slowing down trading for some orders but not others.
Busy year for Michael Ferro. Bought Tribune Publishing. Renamed it tronc. Endured ridicule. Tried to sell to Gannett. Failed. Up next: Figure out how to make money in newspapers.
Plaintiffs’ attorney Jacie Zolna said Circuit Court Judge Kathleen Kennedy’s ruling could ultimately force Chicago taxpayers to refund $200 million in fines and late fees for tickets issued in error since the 2003 inception of a red-light camera program built on a $2 million bribery scandal.
Chicago’s proposed $8.2 billion 2017 budget won the Civic Federation of Chicago’s endorsement in recognition of the city’s progress in tackling pension funding shortfalls and shedding poor financial practices.
“In deference to too many readers’ implorations that a solution or two be proffered, begin by voting this coming Tuesday for those who will make changes. But don’t stop there. Vote out those who have failed to bring about change and who in your heart you know will continue to play along until we are reduced to the lowly status of any other corrupt banana republic.”
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