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CTA’S BIG DIG KEEPS SUCKING IN TAXPAYER DOLLARS

CHICAGO-The Chicago Transit Authority (CTA) has halted construction on its “super station” in downtown Chicago that would have been the hub for express trains running between Midway Airport, downtown Chicago, and O’Hare Airport. In typical government fashion the project was under-budgeted and there were cost overruns. Springfield politicians have been discussing a “capital budget plan” to spend $25 billion taxpayer dollars. Of this $25 billion, $3.4 billion would go towards mass transit pork. One of the projects proposed in Chicago is the $2 billion “Airport Express” for the CTA’s rail system. Read more

$25 BILLION PORK FEST PLAN RUNNING IN EXPENSIVE CIRCLES

There has been a lot of talk in Springfield recently about passing a capital budget plan. The Governor called a special session next week to spend $25 billion. Of this $25 billion, $3.4 billion would go towards mass transit pork. One of the projects being proposed in Chicago is the “Circle Line” for the Chicago Transit Authority’s (CTA) rail system.
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TOTAL STATE REVENUES UP FOR SIXTH YEAR IN A ROW

CHICAGO- For the sixth year in a row, since ITEF began tracking state revenue, total Illinois state revenue is significantly up from the previous year, according to data from the Illinois Comptroller’s website. Total tax revenue for FY 2008 has increased $2.3 billion over FY 2007. State revenue has increased $5.1 billion over the past two years with $2.3 billion of that coming from income taxes, with no increase in the tax rate. Read more

CHICAGO PENSION TALKS A STEP IN RIGHT DIRECTION

CHICAGO-The pension reform committee of Chicago has at last taken a bold step in solving their ballooning pension liabilities.  They are talking about shifting newly hired city employees from the current pension system to a defined-contribution 401(k) retirement plan.  This is a step in the right direction if we ever want to solve the pension problem, which has crippled governments at all levels.  Read more

Total State Revenues Continue To Outpace Inflation

CHICAGO- For the sixth year in a row, since ITEF began tracking state revenue, total Illinois state revenue is significantly up from the previous year, according to data from the Illinois Comptroller’s website. Total tax revenue for the first 11 months of FY 2008 has increased $2.9 billion over the same period in FY 2007. Read more

Capital Spending Plan Proposal Is Replay Of 1999 Spending Binge

The current “Capital Plan,” languishing in the Illinois General Assembly, is reminiscent of the six massive “Illinois First” pork barrel spending bills of 1999. Three Illinois First bills increased Illinois taxes by $16 billion, to be paid over 25 years, and three spending bills totaling $12 billion were spent on a “five year plan” not unlike the famous Soviet plans of the same name. Read more

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