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What To Do With A Broken Illinois: Dissolve It

the_shootist

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#81
I would have to say bravo for the Governor. I mean who has ever been a governor of a state
and closed down the beaches for the 4th of July and then takes his family to the shore. And
more than likely accompanied by a security detail and aides carried with taxpayer's money.

View attachment 91788

Drastic, financial predicaments need innovative ideas like this.
If life was fair there would be hundreds of commoners behind every sand dune armed to the teeth. This fat useless blob of protoplasm needs to be replaced
 

Cigarlover

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#84
I guess we should never underestimate the governments ability to steal more from productive citizens. Only a 5% tax rate? There's still 95% left to go. The question is who will get it first, the feds or the state?
 

Uglytruth

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#88
Hartford Warns It Could File for Bankruptcy
We take money, we pay ourselves well and when anything happens we don't want to pay. Hey it worked for the banksters.
Every day it's becoming more and more obvious we are living in bizarro world. Up is down, right is wrong, yes means no.
Started with credit cards in the 80's and the era of "ME". I deserve mentality.
 

the_shootist

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#89

edsl48

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#90
Just create more banker money from thin air, lend it to the state to bail out Hartford and simply add to the overall debt of the people! Simply and easy peasy! It works so well why not keep doing it?
Hey you actually have something there. The other day the Governor announced a new plan to deal with past due bills...simply issue bonds and paay off the back bills with the proceeds.
Now if past history is any guide we can be assured that the bond issuance firm will have various ties with some of the Ilolinois political families on both sides of the aisle, some of the funds will go to assorted current feel good vote buying programs in Chicagoland and anything left will go rto pay some of the back bills.
They didn't mention how they were going to pay back the bonds but I am sure something will pop up...perhaps they can issue more bonds ssince it has worked so well in the past.
 

searcher

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#93
How deep can these asshats dig this hole? Is there no limit to their stupidity? Maybe when Illinois Total State Government debt reaches $10 trillion? Is that too little?
I think PA may be heading in the same direction.
 

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#94

Cigarlover

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#95
If there was a law that said any money spent over and above whatever income they have comes out of the politicians and or state employees pockets, the budget would be balanced in a heartbeat.
 

searcher

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#96
Police, gov workers & teachers are the biggest expenditures any where. Philly just signed a contract with the cops that they really don't know how they are going to pay for. All this shit is madness.

Used to be a gov job didn't pay much but it was secure, had benefits and a pension. Now a-days most gov jobs far out weigh the private sector in pay and benefits. How the hell did this happen?
 

edsl48

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#97
In Illinois pensions are not taxed meaning the former state and municipal employees pay no state income taxes on their lavish pensions. What a deal...free tax free money and the ability to vote for even more money. We should all have it so good!
 

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#98
I think PA may be heading in the same direction.
After their Harrisburg fiasco a few years back I figured they were already struggling in the deep end of the pool. Kind of surprised they're still afloat actually.
 

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Illinois' Kamikaze Bondholders Cheer Massive New $6 Billion Bond Deal: "It Has Turnaround Potential"


by Tyler Durden
Sep 22, 2017 7:45 PM


Just two days ago we wrote about how, despite a budget deal signed back in July that called for a massive tax hike, Illinois' unpaid payables balance had ballooned to a new all-time record high of $16,046,145,423.20 according the comptroller's office (see: Illinois Unpaid Vendor Backlog Hits A New Record At Over $16 Billion).



...which was a 3-fold increase over the past two years.






Given that, you can imagine our surprise to wake up to the latest Illinois Bloomberg headline this morning declaring that all is well in the Prairie State and that bondholders are cheering the upcoming, massive $6 billion new GO bond deal by driving existing bonds to all-time highs.

As Illinois prepares for what may be its biggest debt sale in over a decade, its largest investors are celebrating a rally that’s transformed the state’s bonds from one of this year’s worst performers to one of the best.

Since the state in July resolved a two-year budget impasse that pushed its rating to the brink of junk, debt issued by Illinois and its local governments has vaulted to a 7 percent return this year, more than any other state, according to S&P Municipal Bond Indices. Until June 8, they were the worst performer among the five most-indebted states, which include Texas, California, Florida and New York.

The reversal came after lawmakers enacted a budget -- and raised taxes -- over Governor Bruce Rauner’s objections. They also extended Illinois authority to reduce a record pile of leftover bills by selling as much as $6 billion of bonds. It would be the state’s biggest sale since 2003 if done in a single offering.



Even more surprising was some of the praise offered up by asset managers on a state that, for all practical purposes, appears to be on a inevitable crash course with bankruptcy...this takes 'talking your book' to a whole new level.

Nuveen Investments: “It has turnaround potential,” said John Miller, co-head of fixed-income at Nuveen, which bought more Illinois bonds in late June and July as the budget came together. The firm plans to take a “hard look” at the $6 billion borrowing, calling it a “benchmark-type deal” because it may be one of the largest of the year, according to Miller, who cautioned that the state’s rising pension-fund debts are still posing risks

AllianceBernstein: “They’ve stopped the bleeding,” said Guy Davidson, director of municipal investments at AllianceBernstein. He said the firm is interested in buying more Illinois debt. “It’s not like we think they have solved their problems. We just think they’ve stabilized their problems.” Davidson said investors are “getting paid more than we think the risk entails”

Wells Fargo Asset Management: “They’re not under the gun as much as far as ratings go,” saidDennis Derby, a portfolio manager at Wells, which holds $40 billion of municipal debt. The firm would be “more comfortable” if the state took action soon to reduce the $16 billion of unpaid bills

BlackRock: The tax hike gives the state “more tools” to meet their expenses and obligations, marking an improvement, said Joe Gankiewicz, a credit-research analyst in Princeton, New Jersey, for the company, which oversees about $124 billion of municipal debt. The state’s unfunded retirement liabilities -- $130 billion, according to the Commission on Government Forecasting and Accountability -- remain an issue. “The pension expense is likely to outstrip the organic revenue growth in the state in the coming years,” Gankiewicz said

Perhaps these bondholders overlooked the fact that Illinois' 5 largest publicly-funded pensions are now $130BN underwater and only 37.6% funded?





Ironically, bondholders cheered tax hikes as the savior of Illinois' financial problems but repeated income tax hikes, property tax hikes and the state’s political dysfunction have resulted in record population losses over the last three years...



...to put it into perspective, Illinois loses 1 resident every 4.6 minutes.



Last time we checked, non-residents weren't on the hook to pay Illinois taxes...

http://www.zerohedge.com/news/2017-...sive-new-6-billion-bond-deal-it-has-turnaroun
 

brosil

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“It has turnaround potential,” Apparently, there is an inexhaustible supply of Hopium there.
 

Ensoniq

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Will be interesting to see the response to the offering

I wouldn't go anywhere near a 4.9% junk bond. It's not enough reward for the risk

This is going to attract traders who will increase volatility by moving in and out in the near term. No one rational will take a buy and hold position
 
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Treasure Searcher

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How deep can these asshats dig this hole? Is there no limit to their stupidity?
As long as the voters keep drinking the cool-aid and vote Democrat, the madness will continue. The "solution" to any deficit in a Democratic led state, is more taxes.....
 

Uglytruth

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They will be to big to fail.......... and get bailouts............. just like the banksters.
All the while those remaining will be taxed to death....... except for those getting handouts..........
 

the_shootist

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As long as the voters keep drinking the cool-aid and vote Democrat, the madness will continue. The "solution" to any deficit in a Democratic led state, is more taxes.....
They get what they vote for...justice is served and their state has been reduced to a third world banana republic.
 

edsl48

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They get what they vote for...justice is served and their state has been reduced to a third world banana republic.
Many neighborhoods in Chicago, East St louis and a few others are already like this. Additionally many of the Southern Illinois former coal mining towns have become ghost towns surviving with those on Social Security and welfare. It is closer than you might think.
 

Ensoniq

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What's hard for me to understand, whether it's Venzuela, rocket man, or SJW is the self evidency of failure that doesn't trigger those in power to change course

These people will put their hand on a stove and not yank it back when it's hot - out of principle
 

Treasure Searcher

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What's hard for me to understand, whether it's Venzuela, rocket man, or SJW is the self evidency of failure that doesn't trigger those in power to change course

These people will put their hand on a stove and not yank it back when it's hot - out of principle
Always look at whose benefiting. Anyone benefiting from the Democratic Party will fight tooth and nail to keep the status quo. Retirees do not want their retirement check and benefits cut. Any contractors paying homage to the Democratic Party will want to keep the graft scheme going. After you dig into it, those benefiting are many. So the status quo of bankruptcy continues.....
 

Ensoniq

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Always look at whose benefiting. Anyone benefiting from the Democratic Party will fight tooth and nail to keep the status quo. Retirees do not want their retirement check and benefits cut. Any contractors paying homage to the Democratic Party will want to keep the graft scheme going. After you dig into it, those benefiting are many. So the status quo of bankruptcy continues.....
Cui Bono
 

searcher

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Even Illinois's CFO Doesn't Know How Many Bills Are Unpaid
By Elizabeth Campbell @elizabeth_newsMore stories by Elizabeth Campbell
‎October‎ ‎25‎, ‎2017‎ ‎1‎:‎05‎ ‎PM ‎October‎ ‎25‎, ‎2017‎ ‎5‎:‎10‎ ‎PM
  • Bill would require agencies to report unpaid bills monthly
  • Measure ‘favorable from a credit perspective,’ investor says
How big is Illinois’s pile of unpaid bills? Even the state’s chief fiscal officer doesn’t know for sure.

The state sold $4.5 billion of bonds on Wednesday to help pay down the estimated $16.6 billion it owes to contractors, health care providers and others who waited to get paid during Illinois’s record-long fight over the budget. But Comptroller Susana Mendoza, a Democrat, says her office doesn’t know the size of that backlog for sure, and she wants that to change.

Under current law, state agencies only have to report to the comptroller once a year -- on Oct. 1 -- the amount of unpaid bills they had by the end of June, making the information already outdated by the time it’s submitted. According to the comptroller’s website, the backlog reached $16.6 billion as of Oct. 24, including an estimated $6.1 billion of unpaid bills with state agencies.

To get a better picture of how deeply Illinois is in debt, Mendoza is urging lawmakers to override Republican Governor Bruce Rauner’s veto of a measure that will require state agencies to report bills on a monthly basis and include how old the bills are, whether funds have been appropriated to pay those bills and how much interest is owed. The Illinois House of Representatives voted to override the veto on Wednesday. The Senate must do the same for the bill to become law.

“This is a first step in hopefully even giving the markets greater confidence that Illinois is moving in the right direction when it comes to full transparency on our finances,” Mendoza said in a telephone interview.

The legislation is “definitely favorable from a credit perspective,” said Eric Friedland, Lord Abbett’s director of municipal research in Jersey City, New Jersey. He noted that the amount of unpaid bills isn’t a surprise to investors who monitor the state’s finances, but requiring monthly reporting may spur Illinois leaders to reduce the number of unpaid bills.

“In my opinion, if they have to report every month in a transparent way, then that will hopefully cause this practice to change for the better,” said Friedland, whose firm manages about $20 billion of municipal debt, including some Illinois bonds.

In his veto message on Aug. 18, Rauner applauded the push for transparency but criticized Mendoza for trying to “micromanage” agencies, adding that they don’t have the technology to meet the requirements in the bill.

Mendoza disagrees, saying that agencies are equipped to put those numbers together. The bill would help Mendoza keep track of how much interest the state is paying: She estimates that Illinois is already on the hook for $900 million in late-payment penalties.
 

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On the local scene..........

More borrowing, more gambling: How they're breaking budget impasse in Harrisburg
Updated: October 25, 2017 — 10:22 PM EDT

by Angela Couloumbis & Liz Navratil, HARRISBURG BUREAUS

HARRISBURG — More borrowing, more casinos, and a few more taxes.

That is the solution the Republican-controlled legislature has devised to balance Pennsylvania’s budget and break a stubborn stalemate that has hurt the state’s financial standing and tested political alliances.

Lawmakers in both chambers worked late into the night Wednesday to approve key pieces of a long-overdue revenue package to fund the state’s $32 billion spending plan and close a more than $2 billion deficit.

The overall deal relies heavily on borrowing and siphoning money from various state funds reserved for special programs.


It also includes a still-to-be-approved plan for a major expansion of gambling in Pennsylvania, including legalizing online gambling, authorizing 10 new “mini-casinos” around the state, and permitting so-called video-gaming terminals at truck stops. Late Wednesday, the Senate had passed the gambling bill and the House had started debating it, with most of the discussion centered on whether to postpone a vote on the matter so members could have more time to read the 939-page bill.

The debate was expected to continue Thursday morning.

Gov. Wolf has not endorsed the revenue deal and late Wednesday would say only that he would review it.

But Senate Majority Leader Jake Corman (R., Centre) signaled optimism earlier Wednesday evening: “This should bring closure to the budget.”

Wolf has said he would be willing to sign off on up to $1.5 billion in borrowing as long as the legislature approved plans to raise significant new revenue for the cash-strapped state.

But aside from the gambling expansion, the revenue deal does not include any big-ticket money-generating taxes. Instead, legislators propose taxing the sale of fireworks and applying the state’s 6 percent sales tax to more goods sold on online marketplaces.

What it doesn’t include: a new tax on natural gas extraction that Wolf has pushed hard for and that the Senate approved earlier this year. GOP leaders in the House have refused to even allow a floor debate on it.

The legislature approved a $32 billion spending plan just hours before the July 1 start of the new fiscal year but did so without a plan for how to pay for it. Republicans who control both chambers have been fighting over a revenue plan ever since, with the key sticking point being whether to raise new taxes. The prolonged impasse led to a credit downgrade last month.

The issue of taxes, this year at least, had the effect of reshuffling political alliances in the Capitol. The Democratic governor and Republicans who control the Senate found themselves in one camp, signing off on a number of revenue-generating tax plans, with House Republicans rejecting them at almost every turn.

“Hopefully, it will never happen again,” Corman said of passing a spending plan without a way to pay for it. “I think pretty clearly we won’t do spending without revenue again. I thought that was sort of a quick put-together, but it wasn’t, so I’ll take the heat for that one.”

The deal, which emerged in recent days, is largely based on borrowing, allowing for a $1.5 billion loan that would be paid back using proceeds from the state fund set up after the landmark settlement with tobacco companies.

The gambling portion of the revenue plan would raise about $200 million in this fiscal year. It would allow for up to 10 new mini-casinos, which could operate between 300 and 750 slot machines and 30 table games. Licenses for the mini-casinos would be auctioned out first to current casino operators in Pennsylvania. The mini-casinos could not generally be located within a 25-mile radius of an existing casino, and municipalities would have the option to reject having one within their borders.

It would also allow casinos in the state to offer games online and gambling tablets at airports. Truck stops would be permitted to have up to five video gaming terminals — slots-like machines.

On Wednesday, the legislature pushed out other key bills needed to finish work on the budget. Among them was the education code, a wide-ranging bill that authorizes everything from education-related policies to how much each school district receives in state aid.

This year, it contains a controversial provision long sought by some conservative Republican lawmakers — and long fought by teachers’ unions. It would allow school districts, if laying off teachers for economic reasons, to forgo seniority considerations and instead use teacher evaluation scores to determine who goes and who stays.

The governor’s spokesman, J.J. Abbott, said only that the governor would review the legislation.


Also approved late Wednesday was $600 million in funding for the four state-related universities: Temple, Lincoln, Pittsburgh, and Pennsylvania State. The universities’ money had been hanging in limbo for months. Some had raised concerns that the lack of funding, which is used to help lower tuition for in-state students, would lead to midyear tuition increases.

The University of Pennsylvania’s School of Veterinary Medicine also was approved for $30 million in state funding over the objections of a group of conservative House members, who complained during floor debate that they didn’t want to turn over public dollars to a school that is a sanctuary campus.

“You can’t make this stuff up,” tweeted Rep. Leanne Krueger-Braneky (D., Delaware), expressing exasperation over her colleagues’ focus on the immigration issue.

“We are going to need a sanctuary for legislators who are about to lose our collective minds,” Rep. Peter Schweyer (D., Lehigh) chimed in on Twitter.

Rep. Jordan Harris (D., Phila.) put it this way about the veterinary school during the debate: “It’s a sanctuary. For dogs and cats and other animals.”

http://www.philly.com/philly/news/p...owing-gambling-gas-drilling-tax-20171025.html
 

Cigarlover

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The University of Pennsylvania’s School of Veterinary Medicine also was approved for $30 million in state funding over the objections of a group of conservative House members, who complained during floor debate that they didn’t want to turn over public dollars to a school that is a sanctuary campus.
So now sanctuary campuses are using our money to fund illegal immigrants kids. This is only a part of the problem. There's just to many people doing well living off of other peoples money.
 

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The Incredible Shrinking Illinois: High Taxes And Low Economic Freedom Have Led To State Crisis

by Tyler Durden
Wed, 01/24/2018 - 11:54


Authored by Dean Stansel and Orphe Divounguy via The Daily Caller,

Illinois has been losing population for four years. The state’s out-migration crisis is so bad that Illinois has dropped from the fifth-largest to the sixth-largest state, falling behind Pennsylvania. Since 2010, the Land of Lincoln lost a whopping 640,000 people on net to out-migration. The state is shrinking so rapidly that it’s at risk of losing a House seat.

Illinois’s people problem is nothing to shrug off, because it indicates the state economy is on pace to continue its decline. And if nothing changes, people will just keep leaving.

So what’s wrong with Illinois?

Terrible economic policies.

Illinois ranks near the bottom in terms of economic freedom compared with the rest of the country, according to the Fraser Institute’s recent Economic Freedom of North America, or EFNA, report, released in partnership with the Illinois Policy Institute. This report ranks states based on an index of 10 variables related to government spending, taxes and labor market freedom. Only 12 states were ranked lower. Unsurprisingly, blue states California and New York ranked at the bottom of the economic freedom list.

Pennsylvania, which just overtook Illinois as the fifth-largest state in the U.S., ranks 18th on the index of economic freedom, compared with Illinois’ 35th place ranking.

While Illinois continues to shrink, states that rank near the top of the Fraser Institute’s economic freedom rankings are growing. Since the last recession ended in 2009, population in the 10 most-free states has grown 2.5 times faster than it has in the 10 least-free states. Employment and income have also grown faster in the freer states.

So why are economically free states growing while states such as Illinois are losing residents? One reason is that high levels of taxes, spending and regulation make it harder for entrepreneurs to succeed. When businesses can’t expand and hire new workers, it hurts everyone. Illinois’ lack of opportunity pushed nearly 100,000 people to drop out of the workforce in 2017 alone.

States that have seen the fastest economic growth, such as Texas and Florida, tend to have a common focus in their economic policies: low taxes (including low or no income taxes), a fiscally responsible approach to spending and a common-sense approach to regulation that makes it easier for entrepreneurs to be successful.

States that take the opposite approach, such as New York, California and Illinois, tend to see much less economic prosperity and many more moving trucks leaving the state for greener pastures.

If politicians in Illinois want their state’s residents to thrive, the path is clear. The first step: reduce the tax burden. Among its neighboring states, Illinoisans pay the largest share of their income in federal and state income and property taxes. Reducing property taxes should be a high priority – this tax costs many families more each year than their mortgage.

But to give Illinoisans the relief they need, the state of Illinois also needs to rein in the growth of spending. One place to start is the salaries and benefits of its state workers. In 2016, state government workers in Illinois earned 59 percent more than private sector workers on average. Illinois state workers are the highest paid in the nation, when adjusted for cost-of-living. One reason? Illinois gives government unions tremendous negotiating power, which drives up the cost of government.

Reducing excessive regulations would also help entrepreneurs be more successful, allowing them to in turn expand their businesses and hire more workers, rather than leaving the state or shrinking payrolls and laying off workers. Illinois lost a record $4.75 billion in adjusted gross income to other states in the 2015 tax year, up from $3.4 billion in the prior year. To stem the tide, Illinois needs to make major changes soon.

Taking the steps necessary to rank higher on measures of economic policies, such as the EFNA, is a winning strategy for states like Illinois. Increasing economic freedom means more prosperity, which means more jobs and more opportunity for Illinoisans.

https://www.zerohedge.com/news/2018...taxes-and-low-economic-freedom-have-led-state
 

edsl48

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So much for Rauner not being a RINO

Rauner state schools' chief calls for $1,500 per household tax hike
by W.J. Kennedy | Jan 21, 2018
overnor Bruce Rauner's handpicked state schools superintendent is calling for a massive, $7.2 billion tax hike to fund higher school administrator and staff salaries.

The spending increase would require another $1,500 per year from every household in the state if it becomes reality.


Tony Smith, who was hired by Rauner in 2015 and earns $225,000 per year, unveiled his plan at an Illinois State Board of Education board meeting in Chicago last week.

Illinois taxpayers spent about $42 billion on K-12 public schools in 2016; Smith wants to increase that amount to about $50 billion, or just over $27,000 per student.

Smith didn't specify where he expected to get the additional money.

Despite a 32 percent income tax increase last summer, Illinois is on track to have a $3 billion budget shortfall when its fiscal year ends on June 30.

Raising another $7.2 billion in income taxes would require an even sharper increase in the state's current rate of 4.95 percent, to perhaps as high as eight or nine percent.

Smith's request was shocking for the amount of the ask, and the scant media reaction to it, says one noted economist.

“If (Smith) came out asking for a $1 billion cut in funding, he would get massacred in the press,” Ted Dabrowski, President of Wirepoints, told Prairie State Wire. “He's ask for $7 billion more all in one year, and it barely gets a notice.”

Funding "evidence"

The Illinois State Board of Education is proposing that the state increase its share of school funding from the $10.5 billion it spent in 2016-17 to closer to $18 billion.

That's the amount, the board says, it would take for the state to meet its obligations under a new, but discredited, evidence-based funding (EBF) formula that Rauner signed into law last year.

“…it (EBF) was yet another way to avoid actually fixing the problems with education in Illinois,” Dabrowski wrote with policy analyst John Klingner in an article posted on the Wirepoints website. “Giving billions more to the state means lawmakers will face far less pressure to consolidate Illinois’ 860 school districts, roll back administrative bloat, or cut executive-level pay.”

As example, a December story in the Will County Gazette showed that one of the state’s smallest districts, Union School District 81, is also per student one of the costliest and worst performing.

The number of students in the district dropped from 113 in 2016 to 104 in 2017. Only 32 percent passed the statewide competency exam, Partnership for Assessment of Readiness for College and Careers, which demonstrates readiness for the next level of education. The district cost taxpayers $28,340 per student last year, the highest-spending district in the state. Yet, Superintendent Timothy Baldermann’s salary has risen dramatically over just a few years: his $207,000 salary last year is nearly double the $127,000 he was hired for in 2012.

What’s more, an earlier Prairie State Wire story shows that evidence-based funding has a dubious track record at best. Eric Hanushek, senior fellow at the Hoover Institution of Stanford University and an expert in the development of economic analysis of educational issues, said that little evidence exists to support claims of success with an evidence-based school funding system.

“If you listen to the supporters of this system, we should have a bunch of newfound geniuses running around the schools, but achievement has not jumped forward," Hanushek said.

The evidence-based formula was developed by Lawrence Picus of the University of Southern California and Allan Odden of the University of Wisconsin, who since 2000 have conducted school finance studies in numerous states.

In his article “Confidence Men: Selling Adequacy, Making Millions” Hanushek said that claims of improvement along the lines of three to six standard deviations would be an “extraordinary gain.” One full standard deviation is approximately equivalent to the average difference in test score performance between a fourth-grader and an eighth-grader.

Rather, Hanushek said the professors and other supporters of the method have selected studies that have in some instances demonstrated improvements in student achievement.

Enrollment up five percent, spending up 111 percent

Smith's call for more money comes after two decades of steadily increasing K-12 public school spending in Illinois.

A Prairie State Wire analysis of ISBE spending data found that, between 1998 and 2016, state enrollment in Illinois K-12 public schools rose 4.8 percent, to 1.83 million from 1.75 million. But total taxpayer spending on schools rose 111 percent over the period, in real, inflation-adjusted dollars.

Illinois taxpayers spent $22.9 billion in 1998; they spent $42.4 billion in 2016.

Much of this spending has been borrowed and remains on Illinois' taxpayers' balance sheet.

Over the period analyzed, Illinois' K-12 schools amassed a $71 billion pension debt while running $24.3 billion in operating deficits, meaning they spent more than they were bringing in in tax revenue.

Chicago Public Schools made up $8.3 billion of that total; CPS borrowed to make ends meet in every single year between 1998 and 2016.

Collectively, Illinois' public school system owes more than $90 billion in debt, to bondholders and pensioners.

Did the increased spending have an impact?

Illinois' average ACT score in 1998 was 21.4, two percent better than the national average (21.0).

In 2016, it was 20.8, or equal to the national average.

-----

How much do Illinois taxpayers spend on K-12 schools each year?



Year K-12 Spending K-12 Enrollment Per-Pupil Spending
1998 $22,919,683,579 1,753,953 $13,067
1999 $26,008,401,064 1,761,834 $14,762
2000 $25,791,900,752 1,788,993 $14,417
2001 $30,129,071,644 1,805,582 $16,687
2002 $32,640,922,808 1,837,863 $17,760
2003 $31,479,080,423 1,855,417 $16,966
2004 $22,531,091,600 1,862,274 $12,099
2005 $31,800,305,943 1,862,046 $17,078
2006 $27,623,252,894 1,871,619 $14,759
2007 $30,345,123,053 1,881,462 $16,128
2008 $38,200,907,716 1,881,810 $20,300
2009 $51,673,756,742 1,881,276 $27,467
2010 $26,889,246,200 1,887,561 $14,246
2011 $34,753,624,147 1,863,017 $18,654
2012 $41,021,176,916 1,858,409 $22,073
2013 $36,691,090,164 1,866,575 $19,657
2014 $38,776,684,373 1,858,766 $20,862
2015 $34,716,971,687 1,844,870 $18,818
2016 $42,428,599,216 1,838,813 $23,074



Sources: Illinois State Board of Education; Illinois Department of Insurance; Spending totals are inflation-adjusted and include total pension contributions as well as operational costs.