State Treasurer announced on Monday that Illinois is “on the verge of financial disaster.” The amount of debt owed by the state stands approximately at $45 bn. The ballooning debt is attributed to a number of factors throughout the article ranging from unfunded pension liabilities and unpaid bills. Other factors at play according to the article are the states lowered bond ratings resulting from the state’s tendency to borrow funds to make payments. You can find the position paper on his Facebook page.
Two bills targeted towards retired state employees, one directed at their pensions and the other towards their health care benefits have been dropped. However, there exists a bi-partisan effort to change the system as currently established for current employees in order to make it more sustainable in the long run.
The article details the decline in homeownership and explores the continued phenomenon and change in what has long been considered a bedrock of the American way of life. According to the piece, some experts predict that people will once again buy homes as the economy continues to rebound towards stability. However, many renters are seeing an increase in demand to rent. Furthermore, a paper released by, “A senior economist at the Federal Reserve Bank of Kansas City found that the notion that homeownership builds more wealth than investing was true only about half the time.”