In today’s edition of The Heartland Daily Podcast, Jesse Hathaway, managing editor of Budget & Tax News speaks with Bill Bergman. Bergman is the vice president of Truth in Accounting. Bergman joins Hathaway to talk about a new report on the federal government’s “credit card statement.”
On May 12 and 13, Chicago received a series of downgrades in its credit ratings for the city itself, the Chicago Board of Education (CBE), and the Chicago Park District. The downgrades began Moody’s Investors Service’s (MIS) decision to lower Chicago’s credit rating two notches to the noninvestment-grade “Ba1” level with a negative outlook. The embarrassment continued the next day when the CBE and Chicago Park District ratings dropped three notches to junk levels.
A judge in Sangamon County Circuit Court has blocked a modest reform of Illinois’ pension system for state workers and retirees outside Chicago from taking effect June 1, giving Gov. Pat “Four Counties” Quinn the excuse he’s probably been looking for to block reforms for two of Chicago’s pension plans. (I’ll explain “Four Counties” in a moment.)
In recent weeks, Illinois legislators have considered several major pension reform proposals. Several pieces of legislation were considered by legislators that attempted to take some positive steps towards controlling costs[…]