The following is a continuation of Dissecting Illinois’ Pension Problem Part III: Understanding Tiers Overview The State of Illinois’ growing underfunded liabilities was the folly of many and not subjected to a single action. It was the compounded effect of many various decisions made by different individuals over decades. Part IV in our Illinois Pension seriesContinue reading “Dissecting Illinois’ Pension Problem Part IV: History of Neglect (The 1990s)”
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Dissecting Illinois’ Pension Problem Part III: Understanding Tiers
The following is a continuation of Dissecting Illinois’ Public Pension Problem Part II: Modeling Pensions. Overview Public employees are separated into two tiers, depending on when they began employment, and each tier contains a different vesting structure for their pension. The two tiers are simply referred to as Tier I and Tier II. Tier I EmployeesContinue reading “Dissecting Illinois’ Pension Problem Part III: Understanding Tiers”
Back-to-School Angst During COVID-19
By: Elyse Hoffenberg Contributing Writer Lately, every time I bump into an acquaintance or friend, the question inevitably arises, “will you send your kids back to school or will they remote learn?” It is an issue weighing on every parent’s and even some grandparents’ minds. For me, the question is particularly worrisome and distressing asContinue reading “Back-to-School Angst During COVID-19”
A Contemporary Solution to Help Expand Voting Access in Illinois
By: Quinn Newman Topic: Online Voting Issue: Expanding Voting Access During COVID-19 Problem: The spread of COVID-19 in Illinois has many concerned about the structure and process of the November election. Considering the dangers of in-person voting for a majority of the population, alternative measures need to be pursued. Voting by mail could be a potentialContinue reading “A Contemporary Solution to Help Expand Voting Access in Illinois”
Dissecting Illinois’ Public Pension Problem Part II: Modeling Pensions
What are Pensions? Pensions are money owed to former public employees as severance to their public service and work. Recipients of these benefits in Illinois include teachers, police, firefighters, state employees, judges, and more. Recipients start collecting this benefit at retirement. How Pensions Work Both the pension recipient and Illinois taxpayers pay into a specificContinue reading “Dissecting Illinois’ Public Pension Problem Part II: Modeling Pensions”
Dissecting Illinois’ Public Pension Issue: Part I
The State of Illinois has accumulated roughly $137 billion in public pension debt at the end of 2019. This is money owed to state employees who have retired as a severance to their public service and work. The massive amount of debt is an issue because as the underfunded liabilities grow, it will continue toContinue reading “Dissecting Illinois’ Public Pension Issue: Part I”
Remember when Illinois Banned Branch Banking?
Topic: Finance Issue: Branch Banking in Illinois There was a period in Illinois history where banks could not freely establish branches at different locations, suppressing bank expansion and limiting consumers to only their local community bank to suffice financial needs. Illinois’ Constitution in 1870 prohibited branch banking unless the General Assembly voted by a three-fifthsContinue reading “Remember when Illinois Banned Branch Banking?”
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Analyzing the Arguments For and Against Universal Basic Income
By: Quinn Newman, contributing writer Topic: Finance and Economics Issue: Universal Basic Income Problem: The United States has experienced rising economic inequality over the last four decades. Between 1989 and 2013 median household income only grew by 9% with the wealthiest 1% of Americans owning 35% of the country’s wealth. Additionally, with the federal minimumContinue reading “Analyzing the Arguments For and Against Universal Basic Income”
House Bill 1438: Cannabis Regulation and Tax Act
The US has been slowly on the journey to legalizing recreational use of cannabis at a state level with Colorado and Washington being the first to pass such legislation in 2012. Since then, recreational cannabis has been legalized in a total of 10 states and the District of Columbia. Background On May 31st, 2019, theContinue reading “House Bill 1438: Cannabis Regulation and Tax Act”
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