It turns out that many city public pension plans are just as underfunded as various state plans are. For instance, Chicago has only about $22 billion in pension assets to pay for $66 billion in pension promises to its city workers, while New York City has $93 billion available to pay $215 billion in city pension promises, and Boston has only $3.5 billion available to pay $11 billion in promises. That means that every household in Chicago has a liability of about $42,000 just to pay pensions to city workers, …
This Tuesday, former U.S. Ambassador to the United Nations John Bolton addressed The Heritage Foundation’s Chicago Community Committee on American Sovereignty Under a Post-American Presidency as part of out Protect America Month. You can read Chicago Committee Chairman Vince Kolber’s introduction below, and watch Bolton’s speech in the video embedded: It is noteworthy that we have come here today in the Land of Lincoln, when on this very day 150 years ago Lincoln received his party’s nomination a few short blocks from here. We also are in the birth state …
Chicago witnessed one small victory for urban school reform and parental choice yesterday as the Illinois State Senate voted 33-20 to approve a pilot voucher program for low-income Chicago students currently attending the city’s worst performing schools. The School Choice Act, sponsored by Democrat James Meeks, provides children in Kindergarten through 8th grade state-funded vouchers to attend a private or parochial school in the city. Senator Meeks testified to the voucher program’s importance in providing low-income students a way out of the underperforming Chicago public schools. “‘By passing this bill, …
After today’s announcement by the International Olympic Committee (IOC) that Rio de Janeiro, Brazil would be the host of the 2016 Olympics, supporters and opponents of the President immediately began debating his impact on the decision. This was a debate that had been simmering for a week, due in no small part to the revelation that the President had spent considerably less time than one would expect with his U.S. Commander in Afghanistan. His presence in Copenhagen was also not assisted by another devastating round of unemployment numbers announced this …
President Obama and Mrs. Obama have done it again — demonstrating, that is, that personal appeal only goes only so far when it comes to public diplomacy and international relations. The couple just about blew the Danish media away with their emotional and personal appeals for the 2016 Olympics to come to Chicago. “Top Grades for Obama” read the headline in the daily paper Berlingske Tidende, whose reporter had interviewed a communication expert who commended the duo for a synchronized performance of extraordinary elegance and eloquence.”They get a 10 on …
Since 1973, The Heritage Foundation has regularly hosted presidents, members of Congress, Cabinet secretaries, prime ministers and other foreign dignitaries. But perhaps our favorite “royal visitor” was the “Prince of Darkness.’ That was Robert Novak’s nickname in Washington. But those who knew the man knew the title was clearly a joke. Despite his dour demeanor, Bob was a truly affable and giving man. He loved a good joke and could tell one, too. From Bob’s first assignment with AP in the Chicago Bureau under a long-time Feulner family friend, Al …
[youtube]http://www.youtube.com/watch?v=6G3fvNhdoc0[/youtube]
Chicago business leaders recently told Mayor Richard Daley that their companies plan massive layoffs throughout the city that will continue into the new year. Certainly, the cost of doing business in Daley’s Empire is partially to blame for the pending pink slips: The Second City’s 10.25% sales tax makes it First in the nation, trouncing even New York and Los Angeles, where sales tax levels remain below 8.5%. This summer, the debt rating of Cook County, where Chicago resides, was moved from “stable” to “negative” by Fitch Ratings, a major financial ratings service. The county …
