Editorial: State budget numbers disturbing – Champaign News-Gazette

"It seems clear Illinois’ economy is not going to come roaring back soon. The University of Illinois Flash Index, a gauge of the state’s economy overseen by Professor J. Fred Giertz, was progressing nicely, but Giertz’s latest report said “progress stalled” in November...That means that Pritzker is left depending on a federal bailout to pay back federal loans, all in the face of an estimated $4 billion budget deficit, $7 billion in unpaid bills and more than $300 billion in unfunded state pension and retiree health insurance obligations."
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Heyjude
5 years ago

The only “roaring” is from the train wreck barreling down on the state’s budget

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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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