Critics of policy decisions that prop up labor organizations at the expense of taxpayers have said it’s no mistake that some of the state's most consequential and political legal battles - contract negotiations, worker pay and union dues - have been filed in “union friendly” St. Clair County.
The Land of Lincoln is experiencing heavy losses of people and income to other states, new IRS data reveal. Illinois lost more than 86,000 people and $4.75 billion in adjusted gross income to other states from 2015-2016.
A Ponzi scheme is a form of fraud in which early investors see quality returns, not because their money was invested wisely as the investors are led to believe, but because new investors fund the payouts. The cycle perpetuates itself – more and more new investors are needed to continue to fund previous investors' returns at an unbeknownst higher risk to themselves – until it inevitably collapses.
Financial expert Mark Glennon of Wilmette says in his analysis of a new study on state and local pensions that the only way to reduce the substantial obligations facing Illinois funds are by amending the state constitution or through federal bankruptcy.
Illinois lawmakers should heed Moody’s Investors Service’s warnings about the state’s precarious economic health and dire fiscal situation and enact major structural spending reforms to balance the budget.