The novel coronavirus, COVID-19, is creating volatility and uncertainty in financial markets and among businesses across the globe. Every state government will face serious fiscal and economic challenges as a result.
Public pensions are already eating away Illinois government services, increasing by more than 500% during the past 20 years as spending on core services including child protection, state police and college money for poor students has dropped by nearly one-third since 2000.
Lawmakers sold 21 new taxes and fees as necessary to rebuild crumbling roads and bridges and balance the budget. Instead, taxpayers will be funding dog parks, swimming pools, snowmobile paths, a vacant theater and pickleball courts.
Once again proving why the state must amend the Illinois Constitution’s pension clause, the court unanimously ruled in favor of a special perk that inflated union leader pensions to nearly three times the pension of the average worker.