Category Archives: National News

“From Horrific To Catastrophic”: Court Ruling Sends Illinois Into Financial Abyss

“Friday’s ruling by the U.S. District Court takes the state’s finances from horrific to catastrophic,” Comptroller Susana Mendoza, a Democrat, said in an emailed statement after the ruling. “Ppayments to the state’s pension funds; state payroll including legislator pay; General State Aid to schools and payments to local governments will likely have to be cut.”

Read more

“Now The Pain Begins”: S&P, Moody’s Cut Illinois To Near Junk, Lowest Ever Rating For A U.S. State

“We’re going to start to see some real pain now,” Senate President John Cullerton told reporters in Springfield on Wednesday after both S&P and Moody’s downgraded Illinois to just above junk, the lowest ever rating for a US state. “We’re going to start to see downgrades. We don’t have any funding for schools. We don’t have any funding for higher end and a bunch of social programs.”

Read more

“Astonishing Numbers”: US Wages Peaked With Boomers Born In 1942

In a new study entitled “Lifetime Incomes in the United States over Six Decades,” economists from University of Minnesota, the University of Chicago and Princeton University took a look at the median lifetime earnings (from ages 25 – 55) of Americans over a multi-decade period starting in 1960. The new paper includes some “astonishing numbers,…The stagnation of living standards began so much earlier than people think…”

Read more
1 2 3 4 16