Illini Get Cut from NCAA Basketball Dance Party

The University of Illinois surged at the end of the basketball season, but it wasn't enough to get invited to the NCAA dance party after a double overtime thriller.

More Voices Speak Out on Pension Scheme of Illinois | City of Aurora Finance Chairman Blasts Illinois Municipal Retirement Fund (IMRF) for Poor Performance and Forcing Millions in Taxpayer Bailout

City of Aurora Finance Chairman Alderman Robert O'Connor has blasted and blamed the "poor investment performance" of the pension funds such as the Illinois Municipal Retirement Fund (IMRF), saying it forced taxpayers to bailout the pension scheme about $4.3 million, part of the $19 million deficit for Aurora in 2010.

O'Connor, who has seen wild spending for over two decades by the Aurora City Council, is joining a growing chorus of voices seeking bold and immediate change the pension schemes of Illinois.

Meanwhile, two other aldermen in Aurora, Stephanie Kifowit and Leroy Keith, have been saying everything is "just fine" with the pension funds...as long as taxpayers have to keep pumping in money.  Both Kifowit and Keith rely on government for their primary sources of income.

Fiscal State of Illinois | Wild Spending, Skyrocketing Debt, Corruption, High Taxes, Luxury Pensions and Incompetent Leaders Combine for Crisis

Uneducating Illinois | School District Budgets, Reductions, Layoffs, Pensions

It's important to note the most significant expense in education are not books, computers, classrooms, but are teachers, labor and PENSION costs.

And, just how much money are teachers making?  While some make moderate salaries, there are many making very high salaries.   Should teacher salaries at the higher levels be cut and pensions downsized?

See the salaries for your local school district

Fleecing of Illinois | Quinn Pushes Tax Increases, Education Cuts for Illinois Fiscal Crisis

Civic Federation Blasts Ponzi Scheme (Local Pension Funds) of Illinois

The Civic Federation has launched the latest blast on the Ponzi scheme of Illinois (aka "pension system").

Thanks to unfunded pension liabilities, the burden on the taxpayer has grown nearly 400 percent in the last nine years as the statewide deficit may be more than $100 billion.

"The status-quo of benefit enhancements and insufficient pension contributions must not continue.  The only responsible option for our local governments is to work with the General Assembly to take action immediately."

-Laurence Msall, President of the non-partisan Civic Federation

These comments echo other concerns by Aurora Alderman Rick Lawrence, Chicago Mayor Richard Daley, DuPage County Chair Bob Schillerstrom, Illinois Senate President John Cullerton, Naperville Mayor George Pradel and virutally every independent fiscal expert.

The report also said while pension promises grew by 69 percent, the funding only grew by 26 percent.

Some have tried to defend incompetent pension funds like the Illinois Municipal Retirement Fund (IMRF) by saying it's "not as bad as other funds" but the fact remains it's underfunded.

They also try to blame the economy for the problems, but the Civic Federation makes it clear "the economic downturn did not cause the local pension underfunding.  Many local pension funds have been routinely underfunded for years as benefit enhancements were granted without regard for their long-term cost."

The Ponzi scheme (pension funds) of Illinois rank "dead-last" in the nation.

Red-Light Cameras | Revenue at Public Safety Expense

Quinn Flip-Flops on Tax Revenue for Cities | Chicago Mayor Daley Slams Back

As Sen. Bill Brady emerges from the GOP primary for Governor of Illinois, Pat Quinn, the temp Gov, is getting blasted from Chicago Mayor Richard Daley.

Quinn is shifting income tax revenue from 10% to 7% for cities and municipalities, but Daley says he assured mayors before the primary he wouldn't do that.

Cities from Aurora to Chicago are under fiscal pressure, so even the slightest shift can significantly alter revenue projections and budgets.

Warning | Chicago Area Construction Ahead on Congress Parkway

Oscars | And the Winners are...The Hurt Locker, Sandra Bullock, Jeff Bridges

Face the Nation | Evan Bayh, Lindsey Graham on Acting Like Americans, Not Democrats or Republicans

OK Go | This Too Shall Pass

Here we go again. Our friends at OK Go have made another creative video. Introducing "This Too Shall Pass."