Thursday, October 19, 2017

Top Illinois Stories

Illinois loses Toyota/Mazda factory – Crain’s

Illinois is out of the running for a prized 4,000-job assembly plant that Japanese automakers Toyota and Mazda are planning to open in the United States.

The apparent reasons: lack of shovel-ready sites and the state's failure to adopt a right-to-work law.

Mark Peterson, president and CEO of Intersect Illinois, the state's privately run economic development corporation, said in an interview and email that while no formal announcement has been made, his sources tell him Illinois is not among the three or four finalists for the $1.3 billion facility.

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First chunk of $6 billion in Illinois paper goes down easy – The Bond Buyer/SourceMedia

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Creditworthiness Of New York And Illinois: One Is Bankrupt – Seeking Alpha

"The State of Illinois, in my opinion, is past the point of no return. It does not have the ability to raise taxes or cut spending to the degree necessary to reduce the annual cost of bond and retiree benefits from 33% to a sustainable level.... The insolvency is not the result of too much bonded debt, but rather the government promising retirement and other post-employment benefits that aren’t affordable."

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Other Highlighted Illinois Stories

Illinois owes local vendors millions. Now it’s borrowing money to start paying the bills. – Belleville News-Democrat

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Chuck Sweeny: Illinois still lags in creation of manufacturing jobs – Register Star

Despite our superior location, workforce and assets, surrounding states lead Illinois in creating manufacturing jobs

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Chris Kennedy: What Mike Madigan is doing should be illegal – Daily Herald

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Tens of millions of Americans are being left out of the economic recovery — and it’s easier than ever to see who they are – Business Insider

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More Highlighted Illinois Stories

Illinois employers flooded with class-action lawsuits stemming from biometric privacy law – Illinois Policy

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University of Illinois Struggles With Faculty Retention – Associated Press

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Illinois’ pension chief: Taking pensions away from elected county officials is illegal – Northwest Herald

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Bloat expands as enrollment drops, tuition spikes in Illinois higher education – Illinois Policy

Growth in administrative bloat is sucking up money that would otherwise go toward the classroom and tuition grants for low-income students in Illinois’ higher education system.

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Gov. Rauner Earned About $90M in 2016, Paid $23M in Taxes – A.P.

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Opioid crisis: Kentucky’s reforms, Illinois’ problems and overprescription in workers’ comp – Illinois Policy

As opioid abuse ravages Illinois, lawmakers must take action to root out overprescription in the state’s workers’ compensation system.

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Trump says he would support Amazon building headquarters in Indiana – Indy Star

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Illinois sells first $1.5 bln of bonds to pay overdue bills – Reuters

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How ending the state and local tax deduction puts Illinois’ economy at a crossroads – Illinois Policy

One change in federal tax code – and Illinois lawmakers’ response to it – could decide the economic trajectory of the state.

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Madigan’s Illinois chainsaw massacre – Illinois Policy

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Gov race funds top $100 million — due to Rauner, Pritzker deep pockets – Chicago Sun-Times

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Why retail investors may vie for Illinois yields – The Bond Buyer/SourceMedia

The state will test the waters with its first tranche of $1.5 billion of bonds pricing in three series — each for $500 million — as part of a total of $6.75 billion of planned fixed-rate, tax-exempt GO borrowing, which included $6 billion to pay down a backlog of bills that currently stands at $15.4 billion.

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Durbin warns Dems about being too far left – CNN

Comment: A touch late for that. The moonbats are in control.

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Illinois’ richest people – Crain’s

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Illinois Sees Teen Traffic Deaths Drop by Half in Decade – A.P.

Illinois Secretary of State Jesse White is crediting a graduated driver's license law with a 51 percent drop in teenage-driver deaths in the past decade.

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Trick or Treat – Eric Allie Cartoon

Madigan: Trick or Treat

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The softer side of Mike Madigan – Editorial – Chicago Tribune

About Madigan's new website: "Enjoy the fairy tails."

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Wave of local tax and fee increases sweeping Illinois – Illinois Policy

Cities and villages across the state are raising taxes or implementing new ones for a variety of functions, from attracting a fast-food restaurant to catching up on rising pension costs.

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Illinois Gov. Bruce Rauner: We have the best location for Amazon, bar none – Video – CNBC

Comment: Guv., learn what "cloud" means.

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Brown: State budget impasse over, but not social service agency pain – Opinion – Chicago Sun-Times

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Chicago submits bid for Amazon’s HQ2, accompanying jobs and investment – Chicago Sun-Times

No specifics made public yet.

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Democratic candidates for governor discuss “LaSalle St. tax;” LaSalle St. responds – INN

Comment: In the world of willful ignorance of economics in which progressives live, few ideas are as dumb as the transaction tax they lust for.

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Mike Madigan’s new website

Comment: Don't you especially like the caption, "Standing Up for Our Values"? Heck, he could have saved the effort and just linked to this.

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Opioid crisis: Kentucky’s reforms, Illinois’ problems and overprescription in workers’ comp – Illinois Policy

As opioid abuse ravages Illinois, lawmakers must take action to root out overprescription in the state’s workers’ compensation system.

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Governor’s Report Shows $1.5 Billion Budget Deficit in FY2018 – The Civic Federation

Comment: The title of the report should be "Setting the problem aside, here's how things look." Like everybody else talking about government budgets, these numbers ignore growing pension unfunded liabilities. Those are insurmountable, but we'll continue to pretend they don't exist.

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Illinois May Be The Weakest State, But Watch For Others – Forbes

Comment: This author sure doesn't understand how bad things were before the budget impasse. Yes, the impasse hurt badly, but the path to doom was already set.

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Illinois’ 200th birthday party gets late start, low budget – A.P.

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Illinois joins 18 other states suing over Trump’s health care order – Associated Press

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Illinois Drivers Urged to Beware During Deer-Mating Season – A.P.

No tight blouses, short skirts, etc.

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Illinois’ new budget already falling apart – Illinois Policy

Comment: Read the specifics in this article and you'll see that the budget was one big fabrication. And not mentioned here is that the budget doesn't include losses in the pensions, which dwarf the imbalance.

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Top Chicago Stories

Taxman cometh (again): Emanuel budget raises taxes for 6th time in 7 years – Chicago Tribune

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Emanuel unveils 2018 budget; Chicago ‘on firmer financial footing’ – Chicago Sun-Times

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Rahm Emanuel’s 2018 Budget Speech (FULL TEXT) – DNAinfo

"We have never and will never balance our budget on the backs of our children," he says. Probably his most spectacular lie ever.

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City’s pro sports teams slam Emanuel’s tax hike for large concerts – Chicago Sun-Times

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Chicago Police “Overwhelmed, Understaffed” Says Gold Coast Alderman – CWB Chicago

When a dead body washed ashore on Montrose Dog Beach in late August got the response of Chicago Fire Department but not police, it was because “they didn’t have enough patrol officers to respond” to 911 calls from numerous people, 2nd Ward Alderman Brian Hopkins says.

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Other Highlighted Chicago Stories

Rahm’s 2018 budget: More fee hikes on the way – Illinois Policy

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In Chicago, no room for new taxes at the inn – Chicago City Wire

The Chicago City Council recently added two more surcharges to its Chicago hotel bill, putting an industry already enduring the highest tax rates on hotel rooms in the country at an even bigger disadvantage against similar convention host cities.

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81-Year-Old Man Pushed Down CTA Stairs, Hospitalized After Loop Robbery – DNAinfo

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Walgreens’ downtown Chicago tech center to bring 300 new jobs – Chicago Business Journal

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University of Illinois plans public-private Chicago innovation center with Rauner backing – Chicago Tribune

U. of I. innovation center Gov. Bruce Rauner and the University of Illinois are pursuing a sprawling innovation center in the South Loop with two other research universities, but the project’s backers have yet to forge a political consensus and a lack of detail about how it would be funded has created uncertainty about the project. Comment: Long sought by Rauner, but lots of unanswered questions about funding and mission.

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Emanuel Budget Plan: 911 Tax Hike, Higher Uber Fees, Amusement Tax Redo – CBS Chicago

Rahm's annual  budget address coming this morning.

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Leftists planning to accelerate Chicago’s decline – American Thinker

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Class action seeks to force Cook County to pay property tax refunds owed to payers who won appeals – Cook County Record

Cook County is facing a class action complaint accusing it of being too slow - or outright refusing - to issue property tax refunds owed to taxpayers who had won a break on their taxable value from the county's appeal board.

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Cubs co-owner Todd Ricketts on shortlist for next leader of Heritage Foundation – Chicago Tribune

The Heritage Foundation has narrowed its search for a new president down to a shortlist of finalists, a group that includes Todd Ricketts, a co-owner of the Chicago Cubs, and Marc Short, a senior Trump White House official, according to three people familiar with the discussions.

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Cashless Society? Not If Ald. Burke Can Help It – Downtown – DNAinfo

Ald. Edward Burke (14th) submitted an ordinance at last week's City Council meeting to ban businesses from banning cash. Ald. Walter Burnett Jr. (27th) immediately signed on as a co-sponsor.

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Haribo to create 55 new jobs in Rosemont for $1.67M in EDGE tax – Illinois Policy

Under its agreement with the state of Illinois, the candy company Haribo of America will bring 25 new jobs to its Rosemont headquarters by October 2018, followed by another 30 by October 2021.

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Emanuel to pile on to tax ‘fatigue’ with phone, ride-hailing increases – Chicago Sun-Times

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Chicago named the rat capital of the country for the third consecutive year, and other news – The Reader

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WBEZ Investigation: CPS Secretly Overhauled Special Education At Students’ Expense – WBEZ

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Emanuel to end scoop-and-toss borrowing one year early – Chicago Sun-Times

Though the city already did $440 million of it this year.

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Cook County’s budget problems stem from massive growth in payrolls – Illinois Policy

The average salary for Cook County workers has far outpaced that of the typical Cook County household since 2001, and that’s contributed to the county’s fiscal ills.

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Mayor Defies “Sanctuary Cities” Warning – WBGZ

Rahm Emmanuel

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City Workers To Get 8 More Weeks Of Parental Leave Under New Plan – DNAinfo

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Chicago named among safest cities in the world – New York Post

Comment: Huh? Well, this is based on a broad measure far beyond shootings. The Economist Intelligence Unit annual ranking assesses 60 global cities using four factors: personal safety, health security, digital security and the safety of infrastructure.

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Two Chinese bidders for Chicago Stock Exchange said to have dropped out – South China Morning Post

Just one China-based company now left in buyers group, with US approval of deal still pending

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Chicago Teachers Pension Fund described as bottomless pit into which Illinois dumps fortune – Chicago City Wire

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Socialist state rep. demands Chicago “rent control;” would be a boon to capitalist landlords – Chicago City Wire

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CPS Set To Hike Property Taxes $177 A Year On Most Homeowners – DNAinfo

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Cubs’ Joe Maddon compares plate-blocking rule to Chicago’s soda tax – USA Today

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$27M set aside for CPD reform in Emanuel’s city budget proposal – Chicago Sun-Times

Comment: Rahm's annual budget address is coming next week. "Budget." Ahahaha.

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Chicago Is Fighting Climate Change No Matter What Trump Says – Huffington Post

Comment: Just don't ever expect to know how much it's costing.

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Chicago aldermen cast off skepticism to pass new securitization program – The Bond Buyer/SourceMedia

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Cook County soda tax repeal has S&P’s attention – The Bond Buyer/SourceMedia

Comment: Credit rating agencies love new taxes, so they're quite heartbroken about the beverage tax.

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Chicago Considers ‘Good Food’ Standards But Not Taxpayer Expense – Forbes

Chicago Mayor Rahm Emanuel is beginning a push to have the Chicago City Council pass a "Good Food" policy that will change the rules for all city food procurement contracts. While the city of Chicago is in terrible financial condition and has billions in underfunded pension liabilities, Mayor Emanuel is apparently more concerned with virtue signaling than either protecting taxpayers from unnecessary expenses or food borne illnesses.

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The soda tax was repealed, but Cook County still has to find a way to fund the government – The Reader

Comment: Shedding tears over not passing a Lasalle Street Transaction Tax. Wacko.

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Glennon's Quicktakes

Tax increase not working. Illinois bill backlog hits record $16.3 billion.

Illinois' tax-increase-with-no-reforms would "save the state," some supporters told us. Others claimed the new tax increases would cap growth of the unpaid bill balance: "We've...

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Still no reporting on state’s largest pension report

It's no wonder so many Illinoisans remain in the dark on the severity of our pension crisis. On October 6 Illinois published its 900-page Biennial...

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The split within the Illinois GOP over Rauner

We try to stick to policy instead of politics here, but if you want to get a quick sense of the huge debate going...

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Wirepoints Original Stories

New Report: Illinois Pension Unfunded Liabilities Worsened By $17 Billion In A Year – Wirepoints Original

A comprehensive, apples-to-apples report on all 671 pensions in Illinois.

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Selectively Deleting Comments is Dishonest – Wirepoints Original

Selectively deleting comments is among the ways of bias. We have two conspicuous offenders in Illinois. It’s dishonest and wrong.

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More Wirepoints Original Stories

Is Illinois’ New Budget Balanced? Oh, Please. – Wirepoints Original

Remember the surge of relief in early July when so many celebrated passage of a "balanced budget"? Well, never mind.

Court-Ordered Taxes For Pensions Begin In Illinois; Litigation Turmoil Looms – Wirepoints Original

With effective property tax rates already 5.7%, Harvey is a bloodless turnip. Where else will the courts order higher taxes?

Chump Media: Why Sham Votes Happen In Springfield – WP Original

The Wall Street Journal and FOX Business are among those who botched this one worst.

Rahm’s Ramp And The Fate Of Chicago’s Pensions – WP Original

The can has now been kicked on all four city pensions, as shown on the chart.

Media Watch

Welcome to ProPublica Illinois — ProPublica

ProPublica Illinois is the first regional operation of ProPublica, the New York-based investigative nonprofit newsroom.   Comment: Illinois progressives certainly can use a more credible news outlet; let's hope ProPublica doesn't disappoint. We will link to what they publish that is pertinent to our economy and government, compliment what's good and criticize what's bad.

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Misleading reporting by Reuters on Chicago’s finances – Wirepoints Original

More misuse of phony government "budget" numbers.

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Selectively Deleting Comments is Dishonest – Wirepoints Original

Selectively deleting comments is among the ways of bias. We have two conspicuous offenders in Illinois. It’s dishonest and wrong.

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Newsroom math cribsheet – National Center for Business Journalism

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Durkin hiring of former Rauner aide living with reporter raises conflict questions – Prairie State Wire

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— Connecting the dots between our economy, government and business —

Glennon Quicktakes

Tax increase not working. Illinois bill backlog hits record $16.3 billion.

Illinois' tax-increase-with-no-reforms would "save the state," some supporters told us. Others claimed the new tax increases would cap growth of the unpaid bill balance: "We've...

Leave a Reply

Your email address will not be published.

Still no reporting on state’s largest pension report

It's no wonder so many Illinoisans remain in the dark on the severity of our pension crisis. On October 6 Illinois published its 900-page Biennial...

Leave a Reply

Your email address will not be published.

The split within the Illinois GOP over Rauner

We try to stick to policy instead of politics here, but if you want to get a quick sense of the huge debate going...

Leave a Reply

Your email address will not be published.

Wirepoints Original Stories

New Report: Illinois Pension Unfunded Liabilities Worsened By $17 Billion In A Year – Wirepoints Original

A comprehensive, apples-to-apples report on all 671 pensions in Illinois.

Leave a Reply

Your email address will not be published.

Selectively Deleting Comments is Dishonest – Wirepoints Original

Selectively deleting comments is among the ways of bias. We have two conspicuous offenders in Illinois. It’s dishonest and wrong.

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That Puerto Rico Bankruptcy Ruling Will Have Implications for Illinois – Wirepoints Original

Dry stuff for some, but this will be critical in Illinois, sooner or later.

Top Illinois Stories

Illinois loses Toyota/Mazda factory – Crain’s

Illinois is out of the running for a prized 4,000-job assembly plant that Japanese automakers Toyota and Mazda are planning to open in the United States.

The apparent reasons: lack of shovel-ready sites and the state's failure to adopt a right-to-work law.

Mark Peterson, president and CEO of Intersect Illinois, the state's privately run economic development corporation, said in an interview and email that while no formal announcement has been made, his sources tell him Illinois is not among the three or four finalists for the $1.3 billion facility.

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First chunk of $6 billion in Illinois paper goes down easy – The Bond Buyer/SourceMedia

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Creditworthiness Of New York And Illinois: One Is Bankrupt – Seeking Alpha

"The State of Illinois, in my opinion, is past the point of no return. It does not have the ability to raise taxes or cut spending to the degree necessary to reduce the annual cost of bond and retiree benefits from 33% to a sustainable level.... The insolvency is not the result of too much bonded debt, but rather the government promising retirement and other post-employment benefits that aren’t affordable."

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Top Chicago Stories

Taxman cometh (again): Emanuel budget raises taxes for 6th time in 7 years – Chicago Tribune

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Emanuel unveils 2018 budget; Chicago ‘on firmer financial footing’ – Chicago Sun-Times

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Rahm Emanuel’s 2018 Budget Speech (FULL TEXT) – DNAinfo

"We have never and will never balance our budget on the backs of our children," he says. Probably his most spectacular lie ever.

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City’s pro sports teams slam Emanuel’s tax hike for large concerts – Chicago Sun-Times

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Chicago Police “Overwhelmed, Understaffed” Says Gold Coast Alderman – CWB Chicago

When a dead body washed ashore on Montrose Dog Beach in late August got the response of Chicago Fire Department but not police, it was because “they didn’t have enough patrol officers to respond” to 911 calls from numerous people, 2nd Ward Alderman Brian Hopkins says.

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Media Watch

Welcome to ProPublica Illinois — ProPublica

ProPublica Illinois is the first regional operation of ProPublica, the New York-based investigative nonprofit newsroom.   Comment: Illinois progressives certainly can use a more credible news outlet; let's hope ProPublica doesn't disappoint. We will link to what they publish that is pertinent to our economy and government, compliment what's good and criticize what's bad.

Leave a Reply

Your email address will not be published.

Misleading reporting by Reuters on Chicago’s finances – Wirepoints Original

More misuse of phony government "budget" numbers.

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Selectively Deleting Comments is Dishonest – Wirepoints Original

Selectively deleting comments is among the ways of bias. We have two conspicuous offenders in Illinois. It’s dishonest and wrong.

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Your email address will not be published.