As goes Illinois, so goes New York? by E.J. McMahon | | NY Torch

The expected state court battle over newly enacted public pension changes in Illinois will bear close watching throughout the country–especially in New York. That’s because, when it comes to protecting pension benefits, the 1970 Illinois State Constitution closely follows the wording of New York’s 1938 State Constitution.

Bailouts ‘R’ Us by E.J. McMahon | | NY Torch

Governor Andrew Cuomo has approved a $96 million deficit bonding bailout for Rockland County — with no strings attached, other than once-a-year review of the county executive’s budget proposal by the state comptroller. The bill sets a terrible precedent, signaling distressed municipalities across New York that they, too, might be able to buy time with borrowed money.