Pension funds aren’t immune to the volatility of the stock market. Even before Brexit, Moody’s warned that low investment returns are already putting Chicago’s pension funds at risk. A major stock market correction or another recession just might put Chicago and CPS over the edge if their already-underfunded pension systems collapse.
Weak jobs numbers across the Midwest reflect the possibility of an oncoming economic slowdown. In fact, it would not be surprising to face a recession in the upcoming months, given that U.S. jobs growth has been weakening, and it has been seven years since the previous recession ended – a long period of expansion by historical norms.
Illinois AFSCME workers enjoy yearly wages of nearly $60,000 when adjusted for cost of living, in addition to Cadillac health care benefits. Most Illinois state workers will also get free health insurance when they retire, and career state retirees receive $1.6 million in pension benefits on average.
When the SEIU fails to make caregiver interests a top priority, it’s unsurprising that nearly half of caregivers statewide aren’t union members. Teaming up with lawmakers to require family members to put their loved ones in strangers’ hands to attend an in-person training session is just one example of this.
A landmark study of 15,000 attorneys in 19 U.S. states found that one in three practitioners are problem drinkers. The study found that attorneys with less than 10 years in practice exhibit the highest incidence of problem drinking, depression and anxiety. It is the first nationwide effort to gather data about the legal profession.
Should lawmakers choose to pass a budget, Madigan and Cullerton’s law prohibits year-to-year cuts to lawmaker salaries and operating expenses. No other office or agency of state government has this sort of privilege.