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INN Radio Evening Update, December 22

U.S. Census: Illinois loses 105K people to other states

Illinois is in second place for the most people moving to other states in the past year. That’s according to estimates released by the U.S. Census Bureau Tuesday. Domestic migration data from July of 2014 to July of 2015 has more than 105,200 people fleeing Illinois for other states. That exceeded the number of people coming to Illinois from other countries, which was over 37,600. The Land of Lincoln welcomed over 156,400 newborns but had over 104,200 deaths. When all factors are combined Illinois saw a total population loss of nearly 22,200 people over the past year, leading all other states that saw population declines. Meanwhile New York led the country with nearly 158,000 people leaving for other states in the past year.

 

Illinois’ population cycle makes it hard to pull out of tailspin

With a second year in a row of large numbers of Illinois residents leaving the state, a political observer says Illinois will have a hard time pulling out a population tailspin. U.S. Census data released Tuesday indicates over the past two years Illinois lost nearly 30,000 people on net. Governor Bruce Rauner’s office said the data is another indication that shows Illinois needs to grow its economy and create jobs through structural reforms. House Speaker Michael Madigan Spokesman Steve Brown said the raw data offers no analysis and he didn’t feel confident in provided any reaction. Paul Simon Public Policy Institute Director David Yepsen says weather is one contributing factor with people in retirement leaving for warmer climates and there’s a trend of people moving from more rural areas to more urban areas. Another major factor to outbound migration is the state’s business climate and growing financial uncertainty. Yepsen says that Illinois’ uncertain fiscal picture is not attractive to businesses looking for growth or expansion and the prospect of increased taxes and spending cuts doesn’t add to the state’s charm.

 

https://www.dropbox.com/s/ay9h6qc7su8g0vr/20151222innYespen.mp3?dl=0

:24 seconds Outcue: [Yepsen] … “out of that tailspin”

 

The released U.S. Census data shows more than 105,200 people left Illinois for other states in the past year. With births, deaths, inbound and outbound migration combined Illinois still lost nearly 22,200 people in the past year.

 

Moody’s: CPS pension liability expected to grow

Chicago taxpayers can expect increased pension and other post-employment benefit liabilities for public schools, according to Moody’s Investors Service, which downgraded Chicago Public Schools’ $5.5 billion general obligation debt. Moody’s says the school system’s mandated pension contributions are scheduled to increase in the upcoming years. In 2010 Moody’s says Chicago paid $367 million towards pensions but took pension holidays spending around $200 million each year for three consecutive years. In 2014 Moody’s says Chicago’s contribution jumped significantly to $613 million, which represented more than 21 percent of revenues for fiscal year 2014. Chris Edwards, and economist with the CATO institute, says Chicago -- and Illinois -- are some of the worst run public bodies in the United States.   

 

https://www.dropbox.com/s/zjfng40e0hs95to/20151222innEdwards2.mp3?dl=0

:11 seconds Outcue: [Edwards2] … “it’s extraordinarily irresponsible”


Meanwhile Moody’s says the CPS rating is under review for possible further downgrade with key credit challenges in the next 30 to 90 days. One factor that could lead to an upgrade, according to Moody’s, is reductions in operating expenditures to accommodate increased pension costs. Moody’s says the 2014 adjusted net pension liability for Chicago is $17.6 billion.

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The Illinois News Network is an independent project of the Illinois Policy Institute.

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