States Grapple with Cost of Jobless Benefits as Pandemic Worsens – Bloomberg

Illinois has borrowed $2.6 Billion from the US Treasury just for its unemployment fund.
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NB-Chicago
5 years ago

Fascinating article. Another gigantic debt burden that goes completely unreported While it looks like other states like NY & Calf have borrowed more on per capita bases from feds to fund unemployment, article raises so many questions–1.) Why does Illinois collect so little in unemployment from employers in the fist place? Maybe because all the other taxes required by state & local gov and wc rates are so high the state doesn’t want to burden employers further with high unemployment fund contribution rates? 2.) Other states in article, like Georgia, are using CARES ACT funding to fund unemployment but Illinois… Read more »

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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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