For governors cutting education and health care and going after public-sector employees to balance budgets, here’s a message from Illinois Governor Pat Quinn : You’re wrong. Not mistaken, not misinformed.
Chicago’s bonds are trailing the municipal market, a sign that investors are leery about the city’s finances as Illinois Governor Pat Quinn decides today whether to sign a bill fixing the metropolis’s pensions.
Private-equity mogul Bruce Rauner jabs his left index finger at the Chicago ballroom crowd after his victory in Illinois’s Republican primary election, vowing things will change in the debt-strapped state if voters choose him as governor in November.
Chicago moved forward in its effort to rescue a pair of pension funds and stabilize its finances when Illinois Governor Pat Quinn signed a bill that cuts benefits and makes employees pay more for retirement.
To show how badly public pensions have been short-changed, Securities and Exchange Commissioner Daniel Gallagher mentioned a place where every household owes $88,000 for promises the government made to retirees.