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Can Chicago have a bailout too?

The idea of a federal bailout for Detroit’s broken pension funds seems to have gone nowhere with the Obama Administration. So folks here are wondering: can we get a state bailout for Chicago, which has six pension funds with $28 billion in unfunded liabilities? Is …

Five ways unions will fight Illinois pension reform

Leaders of organized labor have cobbled together a plan not only to defeat serious pension reform but also to strengthen their position.

Why a progressive income tax is a bad idea

Democratic legislative leaders in Springfield reportedly plan to propose a state constitutional amendment that would permit “graduated” rates in income taxes imposed on individuals and corporations. The proposed amendment would be put to the voters in November 2014. If approved, the legislature could then — …

Why I am a Democrat

A friend recently said he was surprised that I am a Democrat. When I asked him why, he said it was because he had read some of my sermonettes on the need to reform the state’s pension systems and to create more charter schools in …

Union pensions on a road to ruin

On Wednesday, the Illinois House and Senate created a 10-member conference committee to work out a deal on pension reform, but this changes nothing. It preserves disagreement. Reformers continue to advocate major reform — to reduce the state’s fiscal bleeding, and to save the pension …

My pension deal predictions

Friday is the last scheduled day of the legislative session in Springfield, and — as of this writing — we do not know whether Speaker Mike Madigan’s pension reform bill, shot down in the Senate late Thursday, might come up for reconsideration. So should a …

Staggering debt obligations of House’s pension reform should require 60% approval

Representatives of organized labor in Illinois contend that the pension-reform bill recently passed by the House would be unconstitutional because it diminishes or impairs the claims of retirees. I think it’s probably unconstitutional for a very different reason. Our Legislature can spend money by simply …

The problem with Madigan’s pension plan

The pension reform bill pushed through the Illinois House Thursday by Speaker Mike Madigan has some very good things about it, but also one bad thing. On the positive side, we are told that unfunded liabilities would be reduced from about $98 billion to perhaps …

Even after proposed pension fix, Illinois still would be broke

As Illinois staggers painfully toward pension reform, the suggestion appears in some news accounts and editorials that if Springfield would just pass one of the pending proposals — the Nekritz-Cross-Biss (NCB) version — then we could all breathe a deep sigh of relief. Illinois’ finances …

Gov. Quinn’s union deal adds to our woes

Gov. Pat Quinn says he was put on earth to solve our state’s underfunded-pension problem. Yet he’s now made that problem worse. At a time when the State of Illinois is literally broke and inflation not much above zero, Quinn (who is facing a primary …

‘Balanced budget’ in Illinois is a fraud

Time for our Civics Class to come to order again. Gov. Pat Quinn on Wednesday will propose a state budget for the coming fiscal year, which begins July 1. The Illinois General Assembly will pass a budget this spring. Can anyone tell me whether our …

Pension mess isn’t Mike Madigan’s fault

Illinois House Speaker Michael Madigan has taken a journalistic thwacking for many supposed sins — including allowing the State of Illinois to sink into a fiscal cesspool. In particular, he is allegedly responsible for allowing the state’s unfunded pension liabilities to rise to levels where …

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