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The Governor’s office announced that the state would contribute $8 million for the construction of a new National Guard site on the campus for Heartland Community College.  The federal government will contribute $10 million in addition to the state’s contribution for the project. Construction of the project is expected to create approximately 100 new construction jobs in the area.  The completed project will house 22 full-time soldiers, about 200 part-time soldiers and be used by the college … [Read more...]

At a public hearing, the CTA’s plan to reduce overcrowding was criticized by some as nothing more than a plan by the CTA board to decrease bus routes to some areas.  Those opposed to the plan say that seniors, poor individuals and the disabled will be hurt the most because the plan calls for eliminating much needed routes in favor of increasing service to areas that see a higher rate of use. The plan is based on an analysis by Northwestern University.  Opponents of the plan argue that the CTA … [Read more...]

A recent poll found 46 percent of voters in New Jersey felt it was time for a change when asked if they would re-elect Gov. Christie.  While this may not be a majority, it is close and it does reveal that voters may be getting tired of the Governor’s “comeback” speeches. The Governor is known for his aggressive and self-confident style; however, his tendency to promote himself was criticized by some at the GOP Convention.  Voters in New Jersey may want to see some actual work, in addition to … [Read more...]

Court documents filed this week by Peregrine’s bankruptcy trustee reports that approximately $20,000 worth of silver coins is missing.  In addition to the silver coins, 39 ounces of gold is also missing.  The gold would sell for $66,000 at current market values. The documents filed with the Bankruptcy Court give the first look at Peregrine’s assets and debts since the filing of the bankruptcy petition in July.  Unfortunately, the missing coins represent only a small amount when compared to … [Read more...]

Because it has been unable to finalize a deal with its pilots’ union, AMR Corp, the parent company of American Airlines, was allowed to force temporary work terms on union pilots by the US Bankruptcy Court.  However, this decision may create a bigger problem for the company in the future. If AMR is unable to resolve issues with the union and broker an acceptable contract with its pilots, creditors and investors of the company may push harder for a sale of the company to competitor, US Airways … [Read more...]

The lack of state laws governing how towns, cities and suburbs can borrow money has led to many taxpayers paying huge municipal taxes because city officials were careless with spending.  A Tribune investigation showed that town after town was heavily in debt from borrowing money for projects and ventures that were clearly beyond the scope of city government. Individual taxpayers and businesses are then forced to pay enormous tax bills to cover the debt incurred by city officials.  Often, … [Read more...]

According to a survey of 1,000 attorneys, the legal climate in Illinois is bad for business.  They ranked the state 46th for the fairness of its judicial system.  Two counties, Cook and Madison, were given especially low ratings with Cook County being named as the most unfair and unreasonable and Madison County being named 6th most unfair. Having a judicial system that is perceived as unfair to business will drive businesses away from the state taking precious jobs and money with them.  … [Read more...]

The city of Central Falls, RI filed for Chapter 9 bankruptcy relief a year ago when it could not pay its bills including payments to bondholders and employee pensions and insurance.  The bankruptcy judge praised the city for completing the Chapter 9 bankruptcy in “record time and record efficiency.” However, the residents of Central Falls and its employees are the ones that will be paying heavily for the city’s poor financial decisions.  Under the plan, taxes will be increased, city jobs will … [Read more...]

The owners of General Growth Properties cannot seem to agree whether to sell the company to the largest mall owner in the United States, Simon Property Group, or continue operating as usual.  Bill Ackman, who owns 10.5 percent of GGP, wants to sell the company to Simon; however, Brookfield Asset Management, which owns about 42 percent of the company, does not want to sell. In a move that may be a defense to Ackman’s pressure, GGP’s board is looking to hire an investment bank.  It is not clear … [Read more...]

In an editorial piece, the CEO of Chicago based Pepper Construction Group; LLC explained how throwing away the Federal Income Tax Code would benefit all Americans.  Richard Pepper says that the FairTax Plan should be adopted to fund the federal government because it is fair to all, does away with IRS bureaucracy and benefits American businesses. Arguing for FairTax, Pepper explains that it is a plan to replace federal income and payroll taxes, in addition to other personal taxes, with a tax … [Read more...]