Deb Roti
Deb Roti
“The pension problem is Illinois is multi-faceted and misunderstood.”
Illinois’ rising property taxes driven by $75 billion local pension debt
Illinois’ rising property taxes driven by $75 billion local pension debt
Rapidly rising property taxes and growing pension costs leave homeowners asked to pay more to get less. Relief requires structural pension reform, starting with a constitutional amendment.
Pensions in Quincy cost 126% of municipal property taxes
Pensions in Quincy cost 126% of municipal property taxes
Quincy property taxes do not generate enough to fund the municipal pension costs. Even with that heavy burden, there is so much state and local pension debt that the average Quincy household owns more than $35,600.
Nearly 40 cents of every education dollar in Illinois goes to pensions
Nearly 40 cents of every education dollar in Illinois goes to pensions
Rapidly rising pension costs compete with classroom spending, reducing resources for teachers and students while driving up property taxes.
Over 90% of Rock Island municipal property taxes taken by public pensions
Over 90% of Rock Island municipal property taxes taken by public pensions
Despite so much of the property tax share going to public pensions, there is still a huge unmet pension debt. The average Rock Island household owes nearly $40,000 to state and local pensions.
Over 100% of Danville municipal property taxes consumed by pensions
Over 100% of Danville municipal property taxes consumed by pensions
The average Danville household owns nearly $40,000 in state and local pension debt.
Rockford sees public pensions eat nearly 40% of municipal property taxes
Rockford sees public pensions eat nearly 40% of municipal property taxes
Public pensions are growing and taking a greater share of property taxes, hurting public services. Still, the average Rockford household owes over $35,000 in state and local pension debt.
Nearly two-thirds of Peoria property taxes consumed by pensions
Nearly two-thirds of Peoria property taxes consumed by pensions
The average Peoria household owns nearly $38,000 in state and local pension debt.
Chicago Park District ‘reform’ bill puts pension costs on taxpayers
Chicago Park District ‘reform’ bill puts pension costs on taxpayers
House Bill 417 falls far short of the structural reforms Illinois pension systems require. A constitutional amendment is needed after courts blocked a real reform effort in 2018.
5 things wrong with Illinois holding 30% of U.S. pension bond debt
5 things wrong with Illinois holding 30% of U.S. pension bond debt
Pension obligation bonds, like payday loans, are a sign of mismanaged finances. Illinois not only leads the nation for using that risky debt, it owes the bulk of it.
Pritzker seeks credit upgrades despite growing pension debt, budget deficits
Pritzker seeks credit upgrades despite growing pension debt, budget deficits
Pension debt is a record $144.2 billion while Illinois’ short-term debt is on track to reach $22 billion in three years, exceeding the record $16.7 billion hit during the budget impasse.
S&P: Growing debt, refusing reforms, population loss doom Illinois public pensions
S&P: Growing debt, refusing reforms, population loss doom Illinois public pensions
S&P Global Ratings said Illinois’ public pension systems are in trouble, and will get worse thanks to the Illinois Exodus and because state leaders refuse to fix the problems.
Chicago’s plan to pay off COVID-19 debt with federal aid hits a snag
Chicago’s plan to pay off COVID-19 debt with federal aid hits a snag
Chicago had planned to use half of its federal relief funds to pay down pandemic debts, but new federal guidance may prevent that. Regardless, without pension reform the city will continue drowning in debt.
Madigan begins collecting $7,093-a-month public pension
Madigan begins collecting $7,093-a-month public pension
Former Illinois House Speaker Michael Madigan will collect $85,000 a year, but in a little more than a year his pension will shoot up to nearly $150,000 a year.