So says the Commercial Club of Chicago. In a memo to its members, the Civic Committee of the Commercial Club of Chicago said last week’s elections didn’t bring in an influx of lawmakers willing to deal with the pension crisis but instead leaves taxpayers with “more...
Democratic Speaker Michael Madigan has many advantages as he tries to extend his nearly uninterrupted three-decade control of the Illinois House. His Democrats have more campaign money. His party has home-state President Barack Obama to drive the vote. Perhaps most...
This sounds like a problem: The pension fund for most public school teachers in Illinois generated just 0.76 percent in fiscal 2012, a big drop from the 23.6 percent rate of return in the previous fiscal year, the Teachers’ Retirement System reported on...
“I think it’s going to reach a point where there’s either social disorder or bankruptcy before people will act,” he said. via Crain’s Chicago Business. Ya, that sounds about right. But let’s back-up a little. This is a quote from a...
While Emanuel can coast for two more years, the city in 2015 is required by law to set aside an additional $700 million a year for two of its four pension funds, all of which are woefully underfunded: That year’s budget will include a total of $1.2 billion for...