* You’ve probably already heard about this…
* Sophie Rodgers digs into the numbers for Crain’s…
On average, Illinois student loan borrowers owe $38,526, the seventh-highest average debt in the United States. This statistic is not alarming to Constantine Yannelis, associate professor of finance at the University of Chicago Booth School of Business. “Illinois, like New York, is an area which is dominated by one metro area where you disproportionately see a lot of young, educated people living. This is why you have high student loan debt.” […]
Recent graduates in Illinois age 25 to 34 … owe an average of $36,806. […]
But younger borrowers in Illinois are not among those hit hardest by student loan debt. On average, of Illinois student loan borrowers, those age 50 to 61 owe the most: $50,757. Those age 62 and up owe an average of $46,959. […]
And this outstanding debt will almost certainly negatively impact their retirement. “They can’t even get out of that debt by defaulting because, due to court rulings, Social Security income can be garnished,” Yannelis said. As a result, older Illinois borrowers still deeply in student loan debt might delay retirement and will consume less in retirement, which will affect the overall economy.
Discuss.
…Adding… LG Stratton…
Today, millions of people are receiving news about long-awaited financial relief. With President Joe Biden’s announcement to forgive thousands of dollars in student loan debt for most borrowers, a burden is being eased.
As part of my office’s initiative to build a strong, diverse teacher pipeline, I traveled across Illinois to hear from leaders and students at our state colleges and universities.
On these campuses, I heard and felt the deep concern people in all fields had about the looming presence of student loan debt and how it would not only impact their careers, but also their quality of life.
This student loan plan takes major steps to address that. Up to $20,000 in debt relief for Pell Grant recipients ensures that forgiveness intentionally uplifts those from lower-income backgrounds. Additionally, restructuring the repayment system will provide increased borrower support after the freeze on payments ends. More needs to be done, but this is a historic move forward that will change the lives of millions.
I commend the administration for these tremendous efforts. May this drive us to continue the work for equitable, affordable education in Illinois and across the nation.
* Sen. Durbin…
U.S. Senate Majority Whip Dick Durbin (D-IL) today released the following statement after President Joe Biden announced his Administration’s plan to eliminate $10,000 in federal student loan debt for borrowers making less than $125,000 a year and to extend the student loan payment freeze until December 31:
“Tens of millions of Americans are plagued by student loan debt in pursuit of a quality education. Today’s announcement by President Biden is a crucial step to enable low- and middle-income borrowers—especially communities of color—to eliminate their debt so they can buy a home, start a business, save for emergencies, and fully participate in our economy. President Biden and Congressional Democrats are delivering on our promises and focused on lifting up working families and the economy.”
Today’s announcement also allocates up to $20,000 of debt cancellation for Pell Grant recipients. On average, Illinois students owe $38,526 in debt after graduation.
Durbin has long been an advocate for widespread student debt relief. In August 2021, Durbin introduced the bipartisan FRESH START Through Bankruptcy Act, which would restore the ability for struggling borrowers to seek a bankruptcy discharge for federal student loans after a waiting period of ten years. Unlike most other types of debt, student loans are not dischargeable in bankruptcy except in rare circumstances.
* AG Raoul…
Attorney General Kwame Raoul today issued the following statement regarding the announcement from President Joe Biden’s administration that it plans to cancel $10,000 in debt for borrowers who earn less than $125,000 per year and $20,000 in debt for Pell grant recipients.
“Higher education should be within reach for all Illinoisans without the fear that they will be saddled with lifelong debt. The administration’s announcement today is a clear acknowledgment of the burden student loan debt imposes, and a response to repayment and forgiveness programs that have been historically and systemically flawed.
“While long-term reforms to the student loan system in this country are desperately needed, I commend the Biden administration for offering some immediate relief to millions of student loan borrowers.”
Attorney General Raoul has long advocated for protections for student loan borrowers. In May, Raoul called upon President Biden to cancel federal student loan debt, and he was joined by other attorneys general. Earlier this month, Raoul led a coalition of attorneys general calling on the U.S. Department of Education to give public servants more opportunities for loan forgiveness.
The Illinois Attorney General’s office continues to be a national leader in investigating and enforcing consumer protection violations in the higher education field. In 2022, Raoul’s office led a nationwide settlement against Navient, the country’s largest student loan servicer, that resulted in $5 million in restitution, and more than $133 million in debt cancelation, for Illinois borrowers. In 2021, Raoul’s Know Before You Owe legislation was enacted, ensuring that Illinois student borrowers have information about their federal aid eligibility before they turn to more costly private loans. And along with overseeing the rollout of the state’s first Student Loan Ombudsman, a position created by the Student Loan Servicing Rights Act to provide resources for borrowers who are struggling to make payments, Raoul’s office has recently provided $14 million in relief to private student loan borrowers who attended ITT.
Student borrowers who have questions or are in need of assistance can call the Attorney General’s Student Loan Helpline at 1-800-455-2456. Borrowers can also file complaints on the Attorney General’s website.
* US Rep. Mary Miller…
CONGRESSWOMAN MARY MILLER (R-IL) released the following statement on President Biden’s announcement on student loan “forgiveness”:
“Today, Joe Biden announced a $300 billion taxpayer-funded bailout for leftist colleges and universities that prey upon young people by selling them worthless “humanities” degrees so they can become foot soldiers in the Marxist revolution destroying America,” Miller said. “In the midst of the Biden Recession, Joe Biden is using working class taxpayers to pay off his donors and voters at a time of historic debt, and record inflation.”
“The blue-collar working class is now saddled with the cost of paying off “elite” institutions with billion dollar endowments. They defrauded young people by exaggerating their future earning power that would enable them to pay back those loans.”
“Parents sacrificed for years to save for their children’s college expenses and many students forfeited going to the school of their choice and instead choose community college or instate tuition. Some didn’t go to college because it was unaffordable and didn’t want to pay back loans. Many people worked full time and lived at home to pay for college and lots of graduates have been making college loan payments for YEARS! President Biden’s decision to bailout colleges and universities adds insult to injury and is completely irresponsible.”
“A new majority in Congress must investigate the staggering increase in costs for college degrees, the disconnect between those rising costs and the job prospects of graduates who cannot pay back these loans, and the corrupt endowment system! The U.S. Department of Education’s role is to protect and defend the TAXPAYERS, not the leftist colleges and universities with billion dollar endowments that prey upon borrowers! It’s time to defund and eliminate the U.S. Dept. of Education.”
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Good news is always, always, always somehow bad
Wednesday, Aug 24, 2022 - Posted by Rich Miller
* Illinois Policy Institute…
A Truth in Accounting report argued state authorities should have used billions in federal aid to pay down interest on existing pension debt rather than save it for a rainy day. Experts warn this could lead to more state borrowing.
Um, what?
The governor’s office pointed to this Federal Register passage from the US Treasury Department…
For all recipients except Tribal governments, funds may not be used for deposits into a pension fund. […]
Subsection 602(c)(2)(B) of the Social Security Act provides that ‘‘[n]o State or territory may use funds made available under this section for deposit into any pension fund.’’ Similarly, subsection 603(c)(2) of the Social Security Act provides that ‘‘[n]o metropolitan city, nonentitlement unit of local government, or county may use funds made available under this section for deposit into any pension fund.’’
For purposes of this restriction on pension deposits, the interim final rule defined deposit to mean ‘‘an extraordinary payment of an accrued, unfunded liability.’’
* From the reported cited by the IPI…
On the heels of credit rating upgrades, Illinois has sold $1.6 billion worth of bonds to fund a pension buyout program and construction projects. As the Chicago Tribune reported, Gov. J.B. Pritzker touted the upgrades lauding Democratic leaders for their work “to make sure that we’re back in good fiscal order, that the state is building its fiscal foundations for the road ahead.” But as Hetty Chang of Moody has stated, ratings are not “public policy report cards, although politicians may use them as such.” Credit ratings do not focus on the overall financial condition of the state; they focus on the likelihood of bonds being paid.
And if the state is in such “good fiscal order,” then why did it need to borrow money?
You don’t spend cash to buy a house, and you don’t spend cash to fix a bridge, build a transit line or fund a pension buyout program, which would’ve put more immediate pressure on the state budget for no good reason.
* And Jordan Abudayyeh pointed to some past instances when IPI denounced the state for its essentially non-existent rainy day fund…
The state also kicked in $500 million for extra pension payments on top of what the state was obligated to pay by statute.
…Adding… When Senate President Don Harmon asked for a federal bailout of its pension funds, IPI and others freaked out…
* IPI: Why Congress should reject Illinois’ $44 billion bailout request
* Wirepoints: Illinois Senate Democrats Seek Massive Federal Bailout for State, Going Far Beyond Coronavirus Impact
* Sun-Times: GOP Illinois congressmen blister state senate Democrats for using COVID-19 coronavirus as excuse for pension bailout request
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* Center Square…
Republican state Sen. Darren Bailey, the GOP gubernatorial candidate who got Trump’s endorsement, said he saw the Trump raid as a bad sign.
“I find it very upsetting,” Bailey told WMAY. “I personally look at this, I believe it is political. And I want to tell you what, watching this all unfold, I am very concerned about the future of our country.”
Audio is here.
* Related…
* U.S. National Archives identified 700-plus pages of classified records at Trump’s home: “Among the materials in the boxes are over 100 documents with classification markings, comprising more than 700 pages. Some include the highest levels of classification, including Special Access Program (SAP) materials,” Wall’s letter said, referring to security protocols reserved for some of the country’s most closely held secrets. … The letter shows that Trump’s legal team repeatedly tried to stall the Archives from letting the FBI and intelligence officials review the materials, saying that he needed more time to determine if any of the records were covered by a doctrine called executive privilege that enables a president to shield some records.
* Documents recovered at Mar-a-Lago were among government’s most classified, letter shows: “I mean, if he had actual special access programs — do you know how extraordinarily sensitive that is? That’s very, very sensitive. If that were actually at his residence, that would be a problem,” said Rep. Chris Stewart (R-Utah), a member of the House Intelligence Committee.
* FBI’s Mar-a-Lago search followed months of resistance, delay by Trump: Trump’s lawyers do not appear to have argued to Steidel Wall that Trump had declassified the documents that bore classified markings before he left office. While presidents have widespread authority to declassify documents, there is a process for doing so, and even declassified documents are required by the Presidential Records Act to remain in Archives custody.
…Adding… Good point…
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Live coverage
Wednesday, Aug 24, 2022 - Posted by Rich Miller
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*** UPDATED x1 *** Campaign notebook
Tuesday, Aug 23, 2022 - Posted by Rich Miller
* Illinois Review…
The question everyone interested in Illinois’ conservative politics is wondering is “Where’s Dick Uihlein?” and “Who’s the key influencer that is apparently steering Uihlein’s political investments away from Darren Bailey’s bid to oust JB Pritzker?”
It’s a fair question. Conservative gubernatorial candidate Darren Bailey is fighting hard among the state’s grassroots to win support against Pritzker, who is nationally recognized as a Leftist COVID tyrant and a radical criminal comforter - exactly the kind of political figure Uihlein would be happy to defeat.
But nothing from Uihlein?
After all, Uihlein has been writing checks this summer to certain, specific House races, one specific Chamber leader, two statewide races (including Tom DeVore and Dan Brady), and a couple of countywide races.
* Open Secrets took a look at fundraising by Generation Z candidates and found that Nabeela Syed easily topped the list with $251,000…
At least 14 Gen Z candidates have collectively raised more than $734,000 for their state races so far this election cycle, an OpenSecrets analysis of campaign finance filings found.
A new generation of state leaders could challenge existing legislatures that remain predominantly male and white. The average age of all state leadership is 58, despite the average American being only about 38-years-old. […]
Run for Something recruits and supports young progressive Democrats running for city, county and state offices through mentorship and direct funding.
Two Run for Something-endorsed state House candidates, Nabeela Syed in Illinois and Joe Vogel in Maryland, are two of the three top Gen Z state candidate fundraisers during the 2022 midterm election cycle.
Syed raised over $251,000 for her primary race against Chelsea Laliberte Barnes to represent Illinois’ 51st District in the statehouse. After winning her June primary with over 73% of the vote, Syed will face off against incumbent state Rep. Chris Bos (R-Ill.), who has raised only about $34,000.
In an emailed statement to OpenSecrets, Syed said that her campaign spent the vast majority of money raised leading up to the primary election and is now pivoting to focus on the general election.
Gaining endorsements from several state senators as well as Everytown for Gun Safety, Syed has utilized her platform to advocate for gun violence prevention, access to abortion and empowering Muslim women to lead.
Syed said there was initial hesitation among some voters given her younger age, but her team knocked on doors and talked with the community. She’s received over $33,000 in political contributions of $150 or less.
She’s quite something.
* Press release…
Today, the Chicago Board of Elections released new ward and precinct maps for the City of Chicago ahead of the upcoming November 8, 2022 General Election. A ward-by-ward break down of precinct changes is included at the end of this press release.
The new ward boundaries were adopted by the Chicago City Council on May 19, 2022, as required every 10 years after the U.S. Census. The Illinois General Assembly recently passed legislation that gave the Board the authority to create new precincts containing up to 1,800 registered voters.
The Chicago Board of Elections is now creating 1,290 precincts across all 50 Wards in Chicago, for a reduction total of 779 precincts. The average number of precincts per ward is 26, and the average number of voters per precinct is 1,165.
Just previously, the City of Chicago had 2,069 voter precincts, with an average of 550-750 voters per precinct. For comparison during the last redistricting process in 2010, the Chicago Board of Elections reduced its precincts from 2,570 to 2,069, for a total reduction of 501 precincts.
Please click here to view and download the new City of Chicago ward and precinct maps
Text from Rickey Hendon, slightly modified by me….
The Chicago Board of Elections is trying to close 1,100 polling places!! It’s HORRIBLE!! People won’t know where to vote, Seniors can’t go far to vote and Black people lose. Meet me at 69 West Washington 9AM Wednesday (tomorrow) outside the Board of Elections with Willie Wilson for a press conference where we will have Attorneys there threatening to sue they *ss!!
If this was Georgia the Democrats would be screaming!!! Voter Suppression!! Racism!! Etc.
* IDCCA…
* Politico…
— Alexi Giannoulias, the Democratic nominee for Illinois secretary of state, is getting an endorsement and campaign support from AFSCME Council 31, the public services employees union that represents more than 90,000 active and retired members in Illinois. AFSCME Council 31 Executive Director Roberta Lynch praised Giannoulias for his work as former state treasurer, saying “he’s experienced, energetic, and he values working people and their unions.”
*** UPDATE ***
The ad is here.
* More…
* Arlington Heights residents want the Bears — but they don’t want to foot the bill, poll finds: “Our polling shows Arlington Heights voters strongly believe they shouldn’t be forced to foot the bill as taxpayers,” added Costin, who tells Sneed the ARW survey was a phone poll of 300 voters living in the village — population 77,000 — with a margin of error of 5.6 percentage points.
* Koehler, Anderson make their cases for representing the new 46th State Senate District: Anderson said she thinks a decision on how what direction the state takes on abortion rights should be up to the citizens. “That’s the beauty of having a democracy like this: Voters get to turn out and vote on amendments they want, and you’ve got individuals that are running that should hopefully represent what their constituents want. That is up to the voters and whatever voters decide and whatever way that goes, and so be it,” she said.
* Illinois voting rights landscape widens with permanent vote by mail option - As in the last two elections, Illinois voters will be in for some changes when they hit the polls on Nov. 8, 2022.
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* From Red State Secession…
Brown County and Hardin County will vote November this year on splitting Illinois into two states, according to a map released by organizers today. The referendums are non-binding. Two townships in the northeastern corner of Madison County will also vote on such referendums. County clerks had verified earlier this month that the organizers had submitted enough valid signatures to force the questions onto the ballot.
If these areas vote in favor of the referendums, they will join 24 conservative counties in southern and central Illinois that have voted in favor of this idea in the last couple of years. The referendums ask voters “Shall the board of your county correspond with the boards of the other counties of Illinois outside of Cook County about the possibility of separating from Cook County to form a new state, and to seek admission to the Union as such, subject to the approval of the people?”
Illinois state legislators introduced legislation regarding the idea, and were granted a hearing, but the bill failed to clear the legislative committee. There would be financial benefits to northern Illinois to allow downstate Illinois to go, because these counties are a drain on the state budget. Yet, a financial comparison of rural Illinois counties to rural Indiana counties shows that incomes are the same. Apparently the beneficial effect of state spending that Illinois bestows on these counties is canceled out by the negative effect of Illinois taxes and regulation.
State legislators in Kentucky and Missouri have expressed interest to the organizers about acquiring downstate Illinois by moving a state border, but have not taken action. The most recent relocation of a state border was in 1999 when the Nebraska/Missouri border was adjusted slightly to accommodate changes in the course of a river, but two whole counties switched states after West Virginia became a state in 1863.
Brown County has a population of not quite 7,000. Hardin County’s population is less than 4,000.
I’ve asked Darren Bailey’s campaign for comment.
…Adding… Can’t help but wonder how long it will now take him to double down on his original take…
Also, there are plenty of nice Chicago neighborhoods outside of the lakefront and downtown.
*** UPDATE 1 *** From Joe DeBose at the Bailey campaign…
“Many people across Illinois are struggling under JB Pritzker’s negligent watch. Darren Bailey will fight to make Illinois safe and affordable for everyone, not just the elites.”
Not sure how that answers my question, but whatevs.
*** UPDATE 2 *** Natalie Edelstein at the Pritzker campaign…
For someone who has only passed two bills throughout his entire tenure in office, you’d think Darren Bailey would be more proud of his only legislative proposal to ever make the news. Bailey introduced serious legislation to separate Chicago from the rest of Illinois and even claimed he would put his Lieutenant Governor in charge of the region. His latest watered down walk back of his offensive comments should be seen for exactly what they are: yet another lie to get elected.
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Live coverage
Tuesday, Aug 23, 2022 - Posted by Rich Miller
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