Illinois's "other debt disaster" is $73 billion in unfunded state retiree health insurance benefits and more than twice that amount owed over the next four decades, according to a special report issued this week by an online news outlet.
Illinois state government leaders say they will spend a record $38.5 billion and borrow an estimated $11.5 billion over the next year, according to a fiscal year 2019 budget plan approved by Gov. Bruce Rauner.
An online news outlet's founder said he became ill when he heard an interview in which the Center for Tax and Budget Accountability's director advocated higher taxes in Chicago and Illinois to deal with the ongoing state and local pension crises.
The state of Illinois lost $9.9 billion in net worth in 2017, dropping its “total primary government net position” to negative $137 billion, according to the state’s newly released Comprehensive Annual Financial Report for fiscal year 2017.
With Illinois’ decline in full display for the nation to see, proposals for fiscal and spending reforms should dominate the campaign and political landscape. After all, virtually every budget and economic trend in Illinois is pointing towards insolvency sometime in the near future.
Gov. Bruce Rauner's decision to go on the offensive and attack Rep. Jeanne Ives (R-Wheaton), his challenger in the March 20 Republican primary, shows little regard for the truth and insults the intelligence of voters, the founder of an online news outlet said during a recent interview.
State Rep. Jeanne Ives (R-Wheaton) is running for governor, and a recent House vote on legislation that was sold as a freeze on property taxes, but what fiscal experts say was little more than a ruse, is a symptom of the reason why.
A fast-moving bill to freeze property taxes in Cook and adjacent counties for two years isn’t nearly as bad as it sounds for tax-hungry local governments nor as good as it sounds for tax-weary homeowners, fiscal analysts say.