State Bankruptcy and Bailout Reactions: No Bailout, Yes Bankruptcy Group – Stump

Comment: We will publish our response to the anti-state bankruptcy voices as soon as they have finished having their say. Our view is that the concept should continue to be explored but that judgement should be based based on the specifics of any particular proposal, because there are so many possible forms it could takeand the details make all the difference in the world.

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State Lawmakers at Odds Over Gov. Pritzker’s Recovery Plan – WTTW (Chicago)

Democratic state Rep. Mike Zalewski admits that there is an “acute need” in communities and growing demand for economic activity to resume. “I won’t deny that. I think people are very genuinely scared about their livelihoods and what they will be going back to when they return to work,” said Zalewski. But he disagrees with criticisms of the governor’s process and plan.

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Northwestern University furloughs staff, cuts executive pay and taps endowment as it eyes ‘significant shortfall’ due to coronavirus pandemic – Chicago Tribune

Northwestern leaders projected the school will experience $90 million budget shortfall this year. Though the U.S. Department of Education has awarded stimulus money to universities struggling during the pandemic. NU turned down an allocated $8.5 million, following the lead of other wealthy schools such as Harvard and Yale.

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Herrin restaurant first to open dining in Southern Illinois – Williamson & Franklin County News

The owner says he accepted a phone call from the health department a minute after opening, asking that he “voluntarily stop seating people”. “He said, “Rob will you voluntarily stop seating people?” I said, “What does voluntarily mean? No, I will not.” He said, “Well, than I will have no choice but to pull your food license.” I said, “you can’t do that!” He said, “yes I can, and I will.”

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Pension Debt, Fiscal Mismanagement, And Why State/Local Bailout Requests Are So Maddening – Forbes

“Illinois’s spending on its pension, merely with respect to the state-run systems for state employees, universities, and teachers outside of Chicago, totals $10 billion in 2020 (if the state makes all its scheduled contributions), including debt service for pension obligation bonds. Of this, roughly, $4 billion is for new pension accruals and $6 billion for debt service — out of a total budgeted general revenues of $40 billion. Where’s the money coming from?”

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