Illinois Residents Fight Back Against The State’s Coal Industry

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Illinois Residents Fight Back Against The State’s Coal Industry

In Illinois Prison, A Hunger Strike Against ‘Inhumanity’

At A Political Statement, the privacy of our visitors is of extreme importance to us (See this article to learn more about Privacy Policies.). This privacy policy document outlines the types of personal information is received and collected by A Political Statement and how it is used.

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Like many other Web sites, A Political Statement makes use of log files. The information inside the log files includes internet protocol (IP) addresses, type of browser, Internet Service Provider (ISP), date/time stamp, referring/exit pages, and number of clicks to analyze trends, administer the site, track user"s movement around the site, and gather demographic information. IP addresses, and other such information are not linked to any information that is personally identifiable.

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In Illinois Prison, A Hunger Strike Against ‘Inhumanity’

VIDEO: Weak Sales, More Promotions Hurt Sears

Sears reported a wider quarterly net loss on Thursday after sales fell at both its namesake department stores and its Kmart discount chain, and it invested in more promotions targeting rewards members. Sales have been falling since 2005, when hedge fund manager Edward Lampert merged the two U.S. chains in an $11 billion deal. Sales fell 6.7 percent to $8.3 billion, missing the analysts’ average estimate of $8.9 billion, according to Thomson Reuters. On Thursday, Lampert said Sears was spending more to make targeted offers to members of its Shop Your Way rewards program.

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VIDEO: Weak Sales, More Promotions Hurt Sears

Illinois Teachers Pension Fund is 40% Funded, Drops Deeper Into Hole Despite Investment Return of 12.8%; What"s the Solution?

Illinois Teachers Pension Fund is 40% Funded, Drops Deeper Into Hole Despite Investment Return of 12.8%; What"s the Solution?
http://currenteconomictrendsandnews.com/wp-content/uploads/2013/10/21120__TRS1.png

In spite of a 12.8% annual return, with an 8% return assumption, the Illinois Teachers Retirement System (TRS) fell another $ 3.5 billion in the hole. TRS pension underfunding grew to $ 55.73 billion as of June 30, 2013.

Via email, the Illinois Policy Institute explains the growing liability.

First, TRS only has $ 0.40 in the bank for every dollar it should have today to make necessary pension payouts in the future. That means the high investment returns in 2013 were earned on less than half of the assets that TRS should have

TRS acknowledged this in a recent press release:

“Despite these strong returns, TRS cannot invest its way out of the funding hole we are in,” Ingram added. “This increase in the System’s unfunded liability, even with good investment results, is another wake-up call to state officials and our members that TRS long-term finances continue to head in the wrong direction.”

“Without changes to the pension code to ensure sustained and adequate funding, TRS faces the very real possibility that in a few decades the System will not have enough money to pay benefits to retirees. We cannot guarantee that TRS will have enough money to pay the pensions promised to every member in the System.”

Second, the inherent flaws of the state’s defined benefit pension system have driven up the shortfall significantly. According to the Commission on Government Forecasting and Accountability, the state’s pension shortfall grew by $ 41 billion from 1996 to 2012.

Of that amount, nearly $ 23 billion came from some form of missed “assumption” that continually plagues defined benefit pension plans:

• The investment returns for the state’s five pension funds were lower than their assumed 8% expectation. Cost to taxpayers: $ 9.5 billion.


• Unplanned benefit increases for employees. Cost to taxpayers: $ 1.1 billion.


• Changes in actuarial assumptions. Cost to taxpayers: $ 4.9 billion.


• “Other” actuarial factors. Cost to taxpayers: $ 7.2 billion.

TRS fails to acknowledge the failures of the defined benefits plan and instead chooses to blame taxpayers for not contributing enough to the system.

Who is to Blame for Shortfalls?

Please consider the Illinois Policy Center report State pension contributions: Taxpayers bear the brunt of increasing pension costs

A common refrain sounded by public sector unions is that government workers have consistently “paid their share” into Illinois’ pension systems and the state has not. However, the facts tell a different story.

While government worker contributions to Illinois’ five pension systems have increased by 75 percent since 1998, taxpayer contributions have increased by 427 percent over the same period. In 2012 alone, Illinois taxpayers contributed $ 3.5 billion more to the pension systems than state workers did.

Government workers’ share, as a percentage of total contributions, has continued to decline when compared to taxpayers’ contributions. In 1998, government workers paid for 47 percent of the state’s total pension contribution; today, they only pay 21 percent. By 2045, government workers will be expected to pay only 17 percent of total pension contributions.

Illinois’ Five Pension Systems

Illinois has five state pension systems, and all of them are seriously underfunded:

1. The Teachers’ Retirement System, or TRS, manages pensions for teachers across Illinois (excluding Chicago).With more than 130,000 active members and nearly 95,000 retirees, TRS is the largest pension system in the state. Unfortunately, TRS also has the highest unfunded liability of the state’s pension systems. In 2012, TRS was only 40.6 percent funded and officially had more than $ 53.51 billion in unfunded liabilities. TRS members contribute 9.4 percent of their salary to the pension system.


2. The State Employees’ Retirement System, or SERS, manages pensions for state-level employees across Illinois. It has 62,000 active members and 50,000 retirees. In 2012, SERS was only 33.1 percent funded and had officially $ 22.13 billion in unfunded liabilities. Under its regular pension formula, SERS members covered by Social Security contribute 4 percent of their salary, and those not covered by Social Security contribute 8 percent of their salary to the pension system.


3. The State Universities Retirement System, or SURS, manages pensions for employees working at state universities. It has 71,000 active members and more than 45,500 retirees. In 2012, SURS was only 41.3 percent funded and had officially $ 19.46 billion in unfunded liabilities. SURS members contribute 8 percent of their salary to the pension system.


4. The Judges’ Retirement System, or JRS, manages pensions for judges throughout the state. It is one of the two smaller pension systems, with only 968 active members and 725 retirees. Despite its small size, in 2012 JRS was only 28.6 percent funded and officially had $ 1.44 billion in unfunded liabilities. JRS members contribute 11 percent of their salary to the pension system.


5. The General Assembly Retirement System, or GARS, manages pensions for members of the Illinois General Assembly. Despite having only 176 active members and 294 retirees, GARS has the dubious honor of being the worst-funded pension system in the state. In 2012, GARS was only 17.4 percent funded and officially had $ 251 million in unfunded liabilities. GARS members contribute 11.5 percent of their salary to the pension system.

All Five Systems Bankrupt

TRS, SERS,SURS, JRS, and GARS are all insolvent. None of them can possibly meet their pension obligations. With 10-year treasuries yielding a scant 2.5%, plan assumptions of 8% are preposterously high on a sustained basis.

Yet, TRS went another $ 3.5 billion in the hole in spite of a 12.8% annual return.

What the hell is TRS going to do in the face of a stock market plunge, a bond market plunge, or both?

GARS, the General Assembly Retirement System is only 17.4% funded. Is it any wonder that state legislators are pressing for more tax hikes?

Beware Tax Hikes!

On October 18, I reported Illinoisans Beware: “Progressives” Seek Massive Tax Hike Again; Fight the Hike!

Pension shortfalls are the reason for the proposed hikes.

A few people commented the “progressive” tax was not as much as they pay. Here is Rep Naomi Jakobsson’s proposed scheme.

Property Taxes

What I failed to point out previously is that I pay $ 14,000 annually in property taxes on a home I can sell for $ 400K or so.

Sales Taxes

My sales tax rate is  7.75%. But hey, that could be worse. Cicero tops the state with a 9.5% tax. In Chicago, the sales tax is 9.25%.

In spite of all these massive taxes, the entire state is bankrupt!

The Solution

Raising taxes for the benefit of legislators and seriously undeserving public unions is certainly not the answer. The solution is twofold:

1. Immediately kill all Illinois public defined-benefit pension plans


2. Drastically lower existing pension plan expectations, via default if necessary

Nothing else can possibly work, and the numbers prove it.

Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com

Mike “Mish” Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

Mish’s Global Economic Trend Analysis

Read more about Illinois Teachers Pension Fund is 40% Funded, Drops Deeper Into Hole Despite Investment Return of 12.8%; What"s the Solution? and other interesting subjects concerning Commentary at TheDailyNewsReport.com

Illinois Law Would Heavily Restrict Possession of Firearms Outside Home

Awr Hawkins
Breitbart
Oct. 18, 2013

In a bid to fight against criminal and gang possession of firearms on the street, Illinois state rep. Mike Zalewski (D-21st Dist.) is set to propose legislation that essentially labels all firearm possession outside the home illegal.

This measure—HB 2265—does not differentiate between possession by law-abiding citizens and possession by criminals or gang members. And the NRA warns that this creates a situation where a law-abiding citizen who has a gun in his or her car for self-defense—but no concealed carry permit or Firearm Owner Identification Card (FOID)—could “face serious penalties for an innocuous mistake.”

In other words, someone who has moved to the state but has yet to receive their carry permit or FOID could face extensive jail time for the victimless crime of exercising their constitutional right to keep and bear arms.

Read more

This article was posted: Friday, October 18, 2013 at 10:39 am

Tags: constitution, gun rights

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Illinois Law Would Heavily Restrict Possession of Firearms Outside Home

ArtsBeat: University of Illinois Acquires Gwendolyn Brooks Archives

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ArtsBeat: University of Illinois Acquires Gwendolyn Brooks Archives

VIDEO: Obama Highlights Fiscal Risks In Addressing Business Group

President Obama used an appearance before the group, the Business Roundtable, to call out House Republicans who have said they will not raise the nation’s debt ceiling unless they succeeded in repealing his signature health care law. In his remarks, Obama accused what he called “a faction” of Republicans in the House of trying to “extort” him by refusing to raise the nation’s debt ceiling unless the president’s health care plan is repealed.

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VIDEO: Obama Highlights Fiscal Risks In Addressing Business Group

VIDEO: Obama Highlights Fiscal Risks In Addressing Business Group

President Obama used an appearance before the group, the Business Roundtable, to call out House Republicans who have said they will not raise the nation’s debt ceiling unless they succeeded in repealing his signature health care law. In his remarks, Obama accused what he called “a faction” of Republicans in the House of trying to “extort” him by refusing to raise the nation’s debt ceiling unless the president’s health care plan is repealed.

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VIDEO: Obama Highlights Fiscal Risks In Addressing Business Group

VIDEO: Obama Highlights Fiscal Risks In Addressing Business Group

President Obama used an appearance before the group, the Business Roundtable, to call out House Republicans who have said they will not raise the nation’s debt ceiling unless they succeeded in repealing his signature health care law. In his remarks, Obama accused what he called “a faction” of Republicans in the House of trying to “extort” him by refusing to raise the nation’s debt ceiling unless the president’s health care plan is repealed.

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VIDEO: Obama Highlights Fiscal Risks In Addressing Business Group

VIDEO: "France Cannot Go In Alone" On Syria, Official Says

A top official said that France, one of the staunchest supporters of a Western strike on Syria, would not go it alone and instead wait for Congress to decide whether to punish the government of Bashar Assad for a gas attack killed hundreds.

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VIDEO: "France Cannot Go In Alone" On Syria, Official Says

VIDEO: "France Cannot Go In Alone" On Syria, Official Says

A top official said that France, one of the staunchest supporters of a Western strike on Syria, would not go it alone and instead wait for Congress to decide whether to punish the government of Bashar Assad for a gas attack killed hundreds.

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VIDEO: "France Cannot Go In Alone" On Syria, Official Says

Illinois expands background checks to all gun purchases

A customer inspects a 9mm handgun at Rink’s Gun and Sport in the Chicago, suburb of Lockport, Illinois in this June 26, 2008 file photograph.

Credit: Reuters/Frank Polich/Files

CHICAGO | Sun Aug 18, 2013 9:58pm EDT

CHICAGO (Reuters) – Illinois Governor Pat Quinn signed a gun-control measure into law on Sunday that expands background checks to cover all firearms purchases in the state, closing what he said was a loophole that exempted gun sales between private parties.

The new law also requires all gun owners to report any lost or stolen firearms to local police within 72 hours.

“Guns are a plague on too many of our communities,” Quinn, a Democrat, said in a statement. “Making sure guns do not fall into the wrong hands is critical to keeping the people of Illinois safe. This commonsense law will help our law enforcement crack down on crime and make our streets safer.”

The expanded background checks go into effect on January 1, 2014.

Previously in Illinois, where Democrats control the state legislature but remain sharply divided over firearms safety, only adults buying guns from a licensed firearms dealer or at a gun show in the state have been subject to background checks.

Those buyers must have a firearm owners identification (FOID) card, which is issued by Illinois state police to applicants who pass a screening of state criminal and mental health records. The seller must then call a state-run hotline to check that a buyer’s FOID card is valid before making the sale.

Under the new law, gun sales or transfers between private parties, including those that take place online, will have to follow the same system.

Not all of Quinn’s gun-control efforts, which tend to draw greater support in the state’s cities than in its rural areas, have been successful.

In July, state lawmakers voted to override the governor’s veto of parts of a gun bill allowing individuals to carry more than one gun, to carry guns into some places that serve alcohol, and to carry a partly exposed gun.

The bill was drafted after a federal appeals court struck down the state’s law banning people from carrying a concealed weapon in public last December, saying it violated the constitutional right to bear arms.

In April, the U.S. Senate rejected an effort, championed by President Barack Obama, to pass new federal gun-control laws, including an expansion of background checks to include people buying guns online or at gun shows.

(Reporting by Karen Pierog in Chicago; Writing and additional reporting by Jonathan Allen; Editing by Steve Gorman and Will Dunham)

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Illinois expands background checks to all gun purchases

VIDEO: Lower crop prices a pain for Deere

Wall Street’s frosty reaction to Deere & Co’s latest quarterly earnings is no surprise given the recent sharp drop in agricultural commodity prices.

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VIDEO: Lower crop prices a pain for Deere

VIDEO: University Aims to Build "Vanishing" Electronics

They are called ‘transient electronics.’ Researchers at the University of Illinois at Urbana-Champaign are studying how to make devices, like cellphones, disappear or dissolve so they don’t pose a threat to the environment. (July 16)

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VIDEO: University Aims to Build "Vanishing" Electronics

VIDEO: Paula Deen News Pop: Paula Deen -- That White Woman Suing Me Is Also Smearing Me!

Paula Deen — That White Woman Suing Me Is Also Smearing Me!. Sears Holdings severs ties with Paula Deen. QVC Drops Paula Deen

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VIDEO: Paula Deen News Pop: Paula Deen -- That White Woman Suing Me Is Also Smearing Me!

VIDEO: Finance Latest News: Info Tech Company CDW Rises in Debut on the Nasdaq

Info tech company CDW rises in debut on the Nasdaq. Fed bond-buying could be more aggressive than new timeline: Dudley. Former CMS Head: Tie Doc Payment Reforms To Patient Outcomes

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VIDEO: Finance Latest News: Info Tech Company CDW Rises in Debut on the Nasdaq

Illinois "Flag Man" honors fallen soldiers

Courtesy Rick Randall

Larry Eckhardt says of his efforts: “These men and women give their lives to protect the flag. It should protect them on the way home.”

By Rebecca Ruiz, NBC News contributor

Larry “The Flag Man” Eckhardt cannot be stopped. If a soldier dies in combat and is returned home to be buried within driving distance of his Little York, Ill., home, Eckhardt will be there. 

And he will be there with more than 2,300 American flags. Most are the size you’d hang on the porch – three by five feet. They are affixed to 10-foot poles, which are driven into the ground every couple of yards along the hearse’s procession route. Most of these roads are in the country. Some of them are dirt and no more.

These tributes, as Eckhardt, 56, likes to call them, have been stretched out for as many as 14 miles. Since 2006, he has planted flags for 108 service members in states across the Midwest. The majority have been combat fatalities from the wars in Iraq and Afghanistan, though he says about a dozen were suicide deaths. This Memorial Day, there are thankfully no funerals; Eckhardt will spend the holiday in Orfordville, Wis., speaking at an event. 

He gives a simple reason for his efforts, which can be exhausting and have put him in debt. 

“These men and women give their lives to protect the flag,” he told NBC News. “It should protect them on the way home.” 

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Eckhardt is not a veteran and doesn’t come from a military family. He spent most of his life building combines for International Harvester, before an injury forced him to retire. He manages an apartment complex in Little York, but considers his work as The Flag Man his calling. 

It was seven years ago that Eckhardt attended the funeral for a soldier in a nearby town and thought that there just weren’t enough flags. Since then, he has amassed an impressive collection.

Each time a combat death is reported in Illinois and surrounding states, Eckhardt contacts the local funeral home or pastor to get the family’s permission for a tribute. He loads up a Ford Econoline passenger van and a trailer with the flags and drives for hours, sometimes through the night. Last year, he clocked thousands of miles. 

David Goldman / AP

Those who lost their lives in service to their country are honored during both private and public moments.

When he arrives at his destination, there are often hundreds of eager volunteers ready to help. In one town, the Boy Scouts and Girl Scouts decided to compete to see which group could disassemble the flags faster. The Girl Scouts won. 

“It’s so cool to get the kids involved,” Eckhardt said. “It’s teaching them that these guys are special. And we don’t ever want them to forget that they’re special.” 

Eckhardt comes in to each town a stranger and leaves with friends, and for this he says he might just be the “most blessed man in the country.” 

Rick Randall, a real estate developer in St. Louis, met Eckhardt three years ago at a funeral for an airman in Troy, Ill. Randall uses photos of deceased service members to create a picture board, a remembrance that can be shown at their funerals. 

“He’s a one-of-a-kind, he’s a force of nature,” Randall said of Eckhardt. “As many times as I’ve been with him in these small communities in the Midwest that lose young heroes, I still can’t comprehend how he does what he does.” 

Eckhardt says he has missed only one funeral within driving distance. In August 2012, he took off 29 days to recuperate from a triple bypass to open up a complete blockage in one artery and a 90 percent blockage in another. His doctor implored him to take a break for at least six months. 

“Ain’t gonna happen,” he said. “We would have missed so many of these young men and women coming back …The flags have taken on a life of their own.” 

Courtesy Tom Rollins

Larry Eckhardt in Preston, Iowa, hammers a flag anchor into the ground for the December 2011 funeral of a Marine killed in Afghanistan.

The flags made it to the service member’s funeral under the care of some volunteers. 

Eckhardt’s dedication has earned him many awards, none of which he’ll mention unprompted. Last week, the state chapter of the Sons of the American Revolution gave him a Silver Good Citizenship Medal. Last year, Illinois Gov. Pat Quinn declared June 14 as “Larry The Flag Man Eckhardt Day,” an occasion to “recognize and honor the sacrifice of our veterans.” 

Quinn, in a statement to NBC News, explained what Eckhardt’s efforts have meant to towns across the state. 

“I’ve seen these flags and the profound effect this stirring image has on the community,” he said. “I can see how the simple action of an everyday guy like Larry – a Johnny Appleseed of the Stars-and-Stripes – inspires others such as the Boy Scouts to join in solemn tribute. It means so much to the families, the friends and other service members.”

Eckhardt wishes that a few volunteers would take up flag tributes in states outside the Midwest. But he says that each time he’s been approached about the idea, he is asked how much it pays. His answer: zero.

Eckhardt has received generous donations, including hundreds of flags from Randall and the trailer that rides behind his van. The shaky economy means there are fewer contributions these days. 

“It’s an expensive proposition,” Eckhardt said of paying for gas, hotels and upkeep for the van and flags. “But it’s not about the money. I could come home and be totally broke and be happy because I know I’ve helped a few families.” 

Rebecca Ruiz is a reporter based in Oakland, Calif. 

Illinois "Flag Man" honors fallen soldiers

Unemployment rates drop in most states, Illinois climbs

Job seekers stand in line to meet with prospective employers at a career fair in New York City, October 24, 2012.

Credit: Reuters/Mike Segar

WASHINGTON | Fri May 17, 2013 2:53pm EDT

WASHINGTON (Reuters) – Unemployment rates dropped in 43 out of the 50 U.S. states and in the District of Columbia in April from a year before, according to Labor Department data released on Friday.

A handful of states, including Illinois, Delaware, Indiana, Wisconsin, Mississippi and New Hampshire saw their jobless rates rise over the year. Illinois’ rate fell in April to 9.3 percent from 9.5 percent in March but rose from 8.8 percent a year before.

“April data reflects the unevenness of this recovery,” said the director of the Illinois employment department, Jay Rowell, in a statement. “This uneven path forward likely will continue until consumer and business confidence can be sustained at the national level.”

Even though Nevada registered the largest rate drop of all the states over the year, it still had the highest unemployment rate in the country at 9.6 percent in April. The state, which reaped economic fortune during the housing boom, saw its rate spike to 14 percent in September 2010, the highest on records going back to 1976, and then steadily drop.

After Nevada the next higher rates were Illinois, Mississippi and California. In California, where the economy is on the mend, the state unemployment rate continued its decline falling to 9 percent from 9.4 percent in March – a record low since December 2011.

North Dakota’s unemployment rate, the lowest in country for half a decade, inched up to 3.3 percent. The state is in the grips of a commodities boom, with North Dakota’s 28,600 mining and logging jobs in April 321 percent more than five years before.

Still, it was one of seven states where the jobless rate rose over the year. In April 2012, North Dakota’s jobless rate was 3 percent, and in March it was 3.2 percent. The increase may be due to its swelling labor force, which also grew since April 2012.

Seasonal factors could also be in play, according to Michael Ziesch, a manager of labor market information for the state, who noted “April rates have historically always posted a decrease from prior month, this year was no exception.”

“Current period rates are slightly higher than a year ago and reflect longer winter type weather in the period that delayed many outside projects,” he added.

From March, unemployment rates fell in 40 states and Washington, D.C., and were unchanged in seven. Rates rose in two other states besides North Dakota: Louisiana and Tennessee.

On Friday, President Barack Obama visited Maryland in a campaign-style stop on his “Middle Class Jobs & Opportunity Tour,” and was set to appear at a local manufacturer to promote job creation and education.

Situated close to the nation’s capital, Maryland is home to federal contractors and employees, and also has a burgeoning technology corridor. Some had warned that its employment would shrink once the across-the-board federal spending cuts known as sequestration took effect on March 1.

In April, its unemployment rate fell to 6.5 percent from 6.8 percent a year earlier, the lowest in more than four years, according to Governor Martin O’Malley. Over the last 12 months, 34,600 jobs have been added to payrolls in the state, as well.

Neighboring Virginia, which has also prospered from a strong federal workforce, had an unemployment rate of 5.2 percent, also the lowest in more than four years.

At the national level, the U.S. unemployment rate fell to the lowest since December 2008 in April, 7.5 percent, while nonfarm payrolls rose, according to a report released earlier this month.

Over the year, payrolls grew in 47 states and the District of Columbia. Since March, employment increased in 30 states, decreased in 18 and the District of Columbia, and was the same in two.

Texas gained the most jobs over the month, 33,100, followed by New York, 25,300 and Florida, 17,000. Wisconsin lost the most jobs from March at 24,100 followed by Minnesota at 11,400.

At one point during the recession, Michigan’s employment conditions were the worst in the nation with the struggling automobile companies that have long anchored its economy laying off hundreds of thousands of people. In April, its unemployment fell to 8.4 percent from 8.5 percent in March and 9.1 percent the year before.

“Michigan labor market indicators were relatively unchanged in April,” said Michael Williams, acting director of the Bureau of Labor Market Information and Strategic Initiatives, in a statement. “However, the number of unemployed in Michigan has declined for three consecutive months.”

(Additional reporting by Karen Pierog in Chicago, editing by Tiziana Barghini and Chizu Nomiyama)

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Reuters: Economic News

Unemployment rates drop in most states, Illinois climbs

VIDEO: News - Holy Thursday, Boris Berezovsky Found With Ligature, Obama, Edith Windsor Windsor

Pope washes feet of young detainees in Holy Thursday ritual
Boris Berezovsky Found With Ligature Around Neck, But Police Won’t Rule Out Foul Play
Obama Makes Impassioned Plea for Gun Control
My wife’s spirit in courtroom

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VIDEO: News - Holy Thursday, Boris Berezovsky Found With Ligature, Obama, Edith Windsor Windsor

VIDEO: Politics News - BANGKOK, United Kingdom, Jacob Lew, Rosa Parks

Motorcycle bomb kills 2 in Thai south, tests peace talk dealRise of UKIP spooks Britain’s ConservativesSenate confirms Lew as Treasury secretaryRosa Parks Statue Is Unveiled at the Capitol

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VIDEO: Politics News - BANGKOK, United Kingdom, Jacob Lew, Rosa Parks