A grim forecast for Illinois’ new fiscal year – Center Square

Mark Glennon, executive editor of the state budget watchdog group Wirepoints, said Illinois budgets are typically in the hole for $1 billion to $2 billion. Because of the COVID-19 crisis, the deficit for the new fiscal year will be $6 billion to $8 billion. The first thing Illinois needs to do is to start to cut spending, Glennon said.
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Mike M
5 years ago

The old adage is true that the first thing you do when you find yourself in a hole – stop digging. Illinois needs to stop spending and start getting it’s fiscal house in order. Although I fear it’s too late for that.

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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.

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