THE CONTINUING CRISIS

Wisconsin Governor Scott Walker.

Editor’s Note: “The Continuing Crisis” is a section of APAC News which links to news pertinent to the state budget crisis and other financial matters as they affect the University and Academic Professionals. These news outlets are not affiliated with or endorsed by APAC.

DON’T CUT pensions—expand them, says economics professor. See New York Times, March 16, http://www.nytimes.com/2012/03/16/opinion/pension-funds-for-the-public.html.

ANALYSTS PROJECT State retirement systems will need $131 billion to cover benefits—but there’s only $46 billion in the bank. See Illinois Issues, http://illinoisissues.uis.edu/archives/2010/02/pension.html.

QUACK! LAME ducks in State Legislature may make pension reform possible. See Illinois Statehouse News, March 12. http://illinois.statehousenewsonline.com/8003/primary-losses-add-to-lame-duck-ranks/?utm_source=PI+Extra+3.22.12&utm_campaign=PI+email+3.22.12&utm_medium=email.

ILLINOIS CHAMBER of Commerce has “solution” to pension crisis—bring in Wisconsin Governor Scott Walker. See State Journal-Register, March 22, http://www.sj-r.com/top-stories/x1231831382/Anti-union-Wisconsin-governor-to-speak-in-Springfield.

WALKER’S VISIT coincides with IL pension report, notes Illinois Statehouse News, April 12: http://illinois.statehousenewsonline.com/8148/walkers-springfield-visit-coincides-with-quinns-pension-report/?utm_source=PI+Extra+4.13.12&utm_campaign=PI+email+4.13.12&utm_medium=email.

ILLINOIS STATEHOUSE News looks at former President Michael Hogan’s future in March 28 issue. See http://illinois.statehousenewsonline.com/8058/former-il-university-president-gets-golden-parachute/?utm_source=PI+Extra+3.30.12&utm_campaign=PI+email+3.30.12&utm_medium=email.

YAHOO! FINANCE has published an online study from Bloomberg Business News, listing the five states with the lowest and highest tax burdens.  The full list of the 50 states’ tax rates is at http://tinyurl.com/8a46fon. From April 5.

SENATE PRESIDENT John J. Cullerton discussed our pensions with the City Club of Chicago on March 22. He reiterated his belief that existing public pensions are protected by the Illinois constitution, but said there are other avenues to draw down the State’s retirement costs. See http://illinoissenatedemocrats.org/index.php/features/2595-senate-president-talks-pensions-with-city-club-of-chicago-video.

HISTORY OF neglect leads to today’s pension woes, says Senate Democratic Caucus Staff. See http://illinoissenatedemocrats.org/index.php/features/2595-senate-president-talks-pensions-with-city-club-of-chicago-video.

TURMOIL SURROUNDING ex-president leaves U of I with big bills, says Channel 2, April 20: http://chicago.cbslocal.com/2012/04/20/turmoil-surrounding-ex-president-leaves-u-of-i-with-big-bills/.