The Chicago Teachers Union (CTU) has resisted making its financial audits public, and we are starting to learn why. The union recently produced audits going back to 2020, and the records show that its finances haven’t always received a clean slate by its official independent auditor.

Op-ed by Sheila Weinberg, "The Chicago Tribune recently exposed disturbing oversight failures in Minnesota’s federally funded programs, problems that have led to fraud investigations and federal payment freezes. But this is not unique to Minnesota. Illinois’s most recent Single Audit reveals similar systemic breakdowns in federal program oversight, showing that federal taxpayers’ money is at risk far beyond one state."

State pension plans, particularly those for public employees like teachers, firefighters, and government workers, are subject to various federal regulations, including IRS rules and other federal laws, to ensure compliance with tax, nondiscrimination, and retirement benefit standards. These rules apply because state pensions often receive tax advantages (e.g., tax-deferred contributions) and may opt out of Social Security; therefore, they must align with federal standards to maintain their tax-qualified status or avoid penalties. Below are detailed examples of how state pensions fall under IRS rules and other federal regulations, with a focus on key provisions and their implications.

Paying off the obligations the state of Michigan owes public retirees and others would require each taxpayer to surrender another $4,100 to the public treasury, according to a new report from a nonprofit that analyzes state budgets. The report also warns that Michigan’s budget could face an 8% shortfall if the federal government were to reduce its financial support of Michigan to its pre-pandemic level.

llinois taxpayers in 2024 owed an average of $38,800 each, ranking No. 3 in the U.S. Illinois earned an “F” for fiscal management.

Clip from No Spin News discussing the latest Financial State of the States report.

(The Center Square) – Michigan ranked 32nd nationally, according to Truth in Accounting’s 2025 “Financial State of the States” report.

On Thursday, Sept. 25, Truth in Accounting (TIA) released its annual Financial State of the States report, and once again Connecticut finds itself near the very bottom. The state earned an F, ranked 49th out of 50, and carries a per-taxpayer burden of $44,500. In simple terms, every taxpayer would have to write a check of that amount to pay off the state’s obligations today.  

(The Center Square) – Texas is among 25 states that don’t have enough money to cover their bills, according to a new report published by the nonprofit Chicago-based Truth in Accounting (TIA).

(The Center Square) – Colorado ranked 22nd nationally, according to Truth in Accounting’s 2025 “Financial State of the States” report.