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The Frightening Ghost of Illinois Future

financialsense.com / INDEPENDENT INSTITUTE / 05/12/2017

When the US territory of Puerto Rico filed for bankruptcy last week, we took the opportunity to identify the most likely candidates among US states to follow the new legal precedents that are now being set by its example. The editorial board of a leading newspaper in one […]

Watch: The Moment A Driver Shoots And Kills Gunman Who Randomly Attacked Him At Illinois Gas Station

shtfplan.com / Mac Slavo / May 11th, 2017

A man pumping gas in Illinois was randomly confronted by a gunman who approached his car, drew his weapon and attempted to kill him.

Police say a man dressed in the orange jacket in the video below is Ronald Morales. After apparently staring down the driver […]

OREGON STATE SENATOR PROPOSES LAW THAT WOULD ALLOW GUN CONFISCATION WITHOUT DUE PROCESS

thedailysheeple.com / DANIEL LANG / APRIL 19, 2017

California has done it, Illinois is trying to do it, and Oregon may be next. These are the states that have laws, or have attempted to pass laws that make gun confiscation very easy. These laws basically allow any police officer or civilian to ask a […]

Illinois Revenue Freefall: Fiscal Year-to-Date -8.1% and Worsening

mishtalk.com / Mike “Mish” Shedlock / April 4, 2017

Illinois’ fiscal condition is in bad shape and worsening. Jim Muschinske, Revenue Manager, notes a “February Freefall“.

Compared to last year, February income taxes are down 12.1%; Sales taxes are down 7.5%, and public utility taxes are down 34.3%.

For fiscal 2017, general revenues are down […]

Illinois Revenue Freefall: Fiscal Year-to-Date -8.1% and Worsening

mishtalk.com / Mike “Mish” Shedlock / April 4, 2017

Illinois’ fiscal condition is in bad shape and worsening. Jim Muschinske, Revenue Manager, notes a “February Freefall“.

Compared to last year, February income taxes are down 12.1%; Sales taxes are down 7.5%, and public utility taxes are down 34.3%.

For fiscal 2017, general revenues are down […]

This Is How Fast It Happens: Watch As Security Guard Shoots and Kills Bank Robber

shtfplan.com / Mac Slavo / March 20th, 2017

When Laurence Turner entered the Rockford Bank in Illinois he thought he’d be walking away with a bag full of cash.

He thought wrong.

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Illinois State Pension Has $130 Billion in Unfunded Liabilities Versus $78 Billion Funded

wallstreetexaminer.com / by Anthony Sanders / March 14, 2017

Just so Californians don’t feel totally let down by their state and local governments, Illinois is also in fiscal hell.

According to Illinois Policy.org, Illinois’ interest on their pension funds is $9.1 billion per year. And with $130 billion in unfunded liablilities (versus $78 billion […]

Illinois General Assembly Retirement System Only 13.52% Funded: Overall, Illinois Pension Debt Interest Hits $9.1 Billion Per Year

mishtalk.com / Mike “Mish” Shedlock / March 14, 2017

Despite a massive rally in the stock market, Illinois public pension liabilities continue to grow.

GARS, the Illinois General Assembly Retirement System, is only 13.52% funded, down from 17% funded in 2013. How long can GARS last?

Meanwhile, Illinois has accrued a combined net pension […]

Illinois Lawmakers Consider Massive, Regressive Tax Hike On Low-Income Families (a.k.a “Soda Tax”)

zerohedge.com / by Tyler Durden / Jan 13, 2017 7:00 PM

To our complete lack of surprise, lawmakers in the State of Illinois are considering following in the footsteps of Philadelphia by imposing a 1 cent per ounce “soda tax” on all sugary beverages.

And while it’s being done under the guise of “improving […]

Explaining Dysfunctional Illinois in One Word, One Idea, One Person

mishtalk.com / Mike “Mish” Shedlock / January 9, 2017

One Word: Corruption

One Idea: Public Unions

One Person: House Speaker Mike Madigan

On Saturday, union servitude came to an end in Kentucky: State Kills Prevailing Wages, Passes Right-to-Work

No such chance exists in Illinois despite the fact that corruption, prevailing wages, pension disasters, […]

Illinois Is Losing 1 Resident Every 4.6 Minutes

zerohedge.com / by Michael Lucci / Dec 21, 2016

Illinois has record loss of 114,000 residents to other states in 2016 as population shrinks by 37,500.

Imagine the entire population of Peoria, Illinois’ seventh-largest city, all picking up and moving across state lines in one year, never to work, pay taxes or create […]

US Population Grows At Slowest Pace Since The Great Depression; Residents Flee Illinois Again

zerohedge.com / by Tyler Durden / Dec 20, 2016 10:30 PM

According to data released by the US Census, in 2016 the U.S. population grew at the lowest rate since the Great Depression, while the state of New York shrank for the first time in a decade. The biggest loser, again, was Illinois which shrank […]

Illinois Pension Funding Ratio Sinks To 37.6% As Unfunded Liabilities Surge To $130 Billion

zerohedge.com / by Tyler Durden / Nov 16, 2016

As we’ve noted before, Defined Benefit Pension Plans are, almost by definition, a ponzi scheme. Current assets are used to pay current claims in full in spite of insufficient funding to pay future liabilities: classic Ponzi. But unlike wall street and corporate ponzi schemes […]

Illinois Capital Flight Explained (In 4 Simple Charts)

zerohedge.com / by Michael Lucci vis IllinoisPolicy.org / Nov 16, 2016 6:05 PM

IRS data show the average income of taxpayers leaving Illinois surpassed the average income of taxpayers entering the state by $20,000 in 2014, a record loss for Illinois in the wake of the 2011 income-tax hike.

Politicians enacted Illinois’ 2011 income-tax hike […]

Illinois Governor Furious After Pension Fund Cuts Returns Forecast, Sticking Taxpayers With “Crippling” Tax Hike

zerohedge.com / by Tyler Durden / Aug 27, 2016 10:26 AM

Earlier this week, we reported of an daunting predicament facing the dramatically underfunded Illinois Teachers Retirement System (TRS), the state’s largest pension fund which is only 41.5% funded: cut its existing future returns assumption from 7.5% to 7.0% (which was previously lowered from […]

ILLINOIS INSTITUTES CHILLING NEW MANDATE FOR SCHOOLS TO TEACH CHILDREN HOW TO SUBMIT TO POLICE

thedailysheeple.com / by Matt Agorist, THE FREE THOUGHT PROJECT / AUGUST 8, 2016

The police state apparatus will now condition children to prostrate themselves before their masters as they are extorted during traffic stops. Illinois drivers education now includes instructions on how to properly allow police to generate revenue.

The bill signed into law […]

Illinois Obamacare Co-Op Goes Bust Leaving Tens of Thousands at Risk

libertyblitzkrieg.com / Michael Krieger / Friday Jul 15, 2016

The fact that Obamacare is a gigantic train wreck barreling uncontrollably into a brick wall is pretty much undeniable at this point. I’ve covered this reality from several angles in 2016, with one of the more popular posts being, The Health Insurance Scam – “Coverage” […]

Welcome to Illinois (Where Every 5 Minutes Someone Moves Out)

mishtalk.com / Michael Lucci / July 14, 2016

Illinois has the worst migration statistics in the nation. Every 5 minutes, someone decides to leave.

This a guest post by Michael Lucci, Vice President of Policy at the Illinois Policy Institute.

Out-migration is a serious problem for Illinois, and policymakers should focus on curtailing it […]

Illinois Lawmakers Override Bill Veto To Ease Chicago Pension Payments, Propose “Financial Transaction Tax”

zerohedge.com / by Tyler Durden / June 1, 2016

In yet another twist in the Chicago pension saga, Illinois lawmakers voted to override a veto by Governor Bruce Rauner and allow the city to defer payments to fund pensions.

The Senate voted 39-19 and the House voted 72-43 in to overturn the veto, in […]

Illinois Budget Debacle Proves Politicians Can’t Fix the Problems They Create

schiffgold.com / BY SAMUEL BRYAN / MAY 31, 2016

The US faces a massive debt problem. We all know it. But politicians and government officials are either unwilling or incapable of doing anything about it.

David Stockman mentioned the burden of debt in a recent interview with Neil Cavuto on Fox Business:

We have […]

All Hail, Michael Madigan, Dictator of Illinois

mishtalk.com / Mike “Mish” Shedlock / May 27, 2016

One person controls Illinois more than any other. That person is not the Governor. Rather it’s Michael Madigan, Speaker of the House. And it’s been that way for 33 years.

This is a guest post by Austin Berg, of the Illinois Policy Institute.

Madigan’s rules: […]

Illinois State Workers, Highest Paid in Nation, Demand 11.5 to 29% Hikes

mishtalk.com / Mike “Mish” Shedlock / May 18, 2016

Illinois state workers, are the highest paid in the nation.

Yet, despite the fact that Illinois is for all practical purposes insolvent, the AFSCME union demands four-year raises ranging from 11.5 to 29 percent, overtime after 37.5 hours of work per week, five weeks of […]

New Jersey to Follow Illinois Down the Drain

armstrongeconomics.com / by Martin Armstrong / May 11, 2016

The New Jersey State Assembly has begun the pursuit of a constitutional amendment to guarantee pension payments for government workers over all other types of state spending. This would naturally include all politicians, which is why they are introducing it. Because spending on education, health, […]

Why Illinois Is A Fiscal Basket Case: 10,000 Retired Teachers With $100,000+ Pensions

davidstockmanscontracorner.com / By Adam Andrzejewski at Forbes / April 25, 2016

New numbers show that the 7,499 ‘highly compensated,’ six-figure school administrator/teacher retirees cost IL taxpayers nearly $1 billion per year. But in just six years, the problem of six-figure pensions will be three-times worse.

In 2014 I wrote in Forbes about a pair of […]

US Population Growth +0.79%, Illinois -0.17%, Illinois Second Worst to Coal Plagued West Virginia

mishtalk.com / Mike “Mish” Shedlock / March 25, 2016

According to Census bureau data, only seven states lost population in the last reporting year (July 2014 – July 2015).

Illinois had the second worst performance of any state, sporting a population decline of .017%. Only West Virginia, with huge coal-related woes scored lower than Illinois.

[…]