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Financial markets and corruption take toll on Illinois' pension systems |
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2008 was a devastating year for financial institutions and personal investments throughout the world, and the Illinois pension systems are no exception. Corruption associated with the state’s five pension systems only compounded the overwhelming financial issues.
The impeachment and subsequent conviction of Governor Rod Blagojevich in January, as well as the federal government’s ongoing investigation of “pay to play” politics – better known as Operation Board Games – have brought Illinois’ pension systems into the headlines, but this is an issue that my Senate Republican colleagues and I have been fighting for more than four years. Despite widespread public and media approval, these important reforms have yet to be approved as the Democratic majorities in the House and the Senate have been playing political “ping pong” with them.
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Sen. Brady welcomes Christian County LEADership members to Senate |
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Senator Bill Brady welcomes members of the Christian County LEADership Program to the Senate Chambers March 11. The LEADership Program provides an opportunity for Christian County residents to become better informed about issues that impact the county, local communities and the people who live there.
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Sen. Brady welcomes Holy Trinity, Central Catholic students to Capitol |
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Senator Bill Brady welcomes students from Holy Trinity Catholic School and Central Catholic High School, both in Bloomington, and their chaperones to the State Capitol Building March 4. The students were in Springfield to participate in the “Catholics at the Capitol” rally day.
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Capitol Commentary: March 6, 2009 |
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CIVIC COMMITTEE OF THE COMMERCIAL CLUB SAYS FISCAL CRISIS IS BUILDING
A report released March 2 by the Civic Committee of The Commercial Club of Chicago provides insight into Illinois’ fiscal crisis, building upon the dire warnings of a prior 2006 Civic Committee report that cautioned Illinois was heading toward “financial implosion.”
According to the 2009 report, the state’s budget gap exceeds $8 billion when taking into account revenue shortfalls, unfunded pension obligations and unpaid Medicaid bills. The Civic Committee once again recommended the state cut spending and reform its Medicaid, pension and healthcare programs.
The Civic Committee also noted that the lack of transparency in Illinois’ fiscal affairs contributed to the current fiscal mess, and urged the adoption of a process that would provide more timely, consistent and comprehensive updates on the state’s finances, something the Senate Republican Caucus has proposed the last several years.
Many of the reforms and initiatives that Senate Republicans have been pushing could have helped the state avoid many of the serious economic problems state officials are now forced to address.
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Christian Life Academy students visit Senator Brady in Capitol |
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Senator Bill Brady welcomes students from the Christian Life Academy in Hopedale and their chaperones to the State Capitol building March 5.
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