Illinois edged closer to having its worst-in-the-nation credit rating lowered even further as a rating agency declared Thursday that failure to address massive pension problems is a “credit negative” for the state.
A local political expert says the fight in Wisconsin over whether to recall Gov. Scott Walker is an unfortunate event for both sides in the political battle.
Prospects for pension reform in Illinois improved measurably late Wednesday night, when House Speaker Mike Madigan dropped his proposal to make public schools and state universities pay retirement costs for their employees, rather than the state.
It’s unlikely to be the final budget, but the Senate Democratic budget proposal is moving through the legislature.
Gov. Pat Quinn is enlisting the support of Chicago’s business community to sell his Medicaid and pension reform plans to state lawmakers before the Legislature adjourns at the end of this month.
Mayor Rahm Emanuel rounded up mayors from 30 other cities in Illinois on Thursday to build support for pension changes they say are needed to keep Illinois municipalities out of bankruptcy.
Mayor Rahm Emanuel went to Springfield on Tuesday to speak to state lawmakers about the need for pension reform at the city and state levels.
At a forum hosted by the Chicago Tribune on Wednesday, Mayor Rahm Emanuel and Gov. Pat Quinn agreed the ticking time bomb of underfunded public employee pensions is threatening to explode – or implode, as the governor put it.
Yet another warning has been issued about Chicago’s looming public pension crisis.
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