Cracks in the Illinois pension system are now starting to turn into breaks.
As the state of Illinois deteriorates politically, more shock waves of its society continues to shake out. Continue reading →
Three thousand millionaires have fled the city in 2017.
Indiana lawmakers are now debating what kind of tax increase on cigarettes they want. Continue reading →
Politicians in local and state government are some of the most naive people I’ve ever encountered when it comes to finances. Continue reading →
Numerous people are nuanced when talking about education for the youth in America. There is nothing wrong with wanting the best for children getting a good education. Continue reading →
(AP) — Caterpillar is planning another round of job cuts that could exceed 10,000 people through 2018, as the construction and mining equipment maker adjusts to downturns in key markets.
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According to the 2013 U.S. Census Bureau, 15,800 persons lived in Illinois who were residents of Indiana a year earlier. That’s 12 percent of the
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For the last few years, many in the economic world have been cynical of states like Illinois, California and others for how bad their government books are when it comes to finances. Continue reading →
Illinois is starting to get hit with rising interest payments on debt borrowed. Illinois Policy points out how compound interest is a vicious beast once it takes hold:
According to the fiscal year 2015 budget summary from the Commission on Government Forecasting and Accountability the cost of debt service in fiscal year 2015 is nearly $4 billion on outstanding bond debt of nearly $32 billion. The debt service amounts to more than 11 percent of the state’s anticipated revenues for the fiscal year – 11 percent that can’t be used for essential programs.
Illinois will not be the only heavy spending state to start getting hammered on debt payments. But here is how a debt situation gets out of control:
Primarily as a result of these nontraditional uses of bond debt, the state began fiscal year 2015 saddled with $32 billion in bond debt requiring $4 billion, or 11 percent of its general funds budget, to pay the annual debt service. This represents nearly a 400 percent growth in debt service, more than 300 percent growth in outstanding bond debt, and more than 200 percent growth in debt service as a percentage of general revenues since 2002.