Two decades of fiscal mismanagement have left state finances ill-prepared for the COVID-19 pandemic. Congress should condition any additional aid for troubled states on taxpayer protections that ensure pensions are solvent, accounting is realistic and budgets are balanced.
As Illinois teeters on the edge of a junk credit rating, one key policymaker is floating bankruptcy as a solution.
An illegal patronage operation brought on federal oversight when Karen Yarbrough was Cook County’s recorder of deeds. It’s happened again to her as county clerk.
The state is attempting to shore up its supply of personal protection equipment, but received millions of masks the state health department recommended only using in a crisis.
State sheds 34,100 jobs during early stages of COVID-19 economic fallout.
“The state was very unprepared for this PPE shortage. And it really is a state issue on this. Where’s their stockpile? I don’t see it. Even the health departments don’t have a lot to give you."
Illinoisans shoulder among the highest tax burdens of any state, and that should come with robust services. But soaring debt and pension costs have left too little room for the things residents need most from government.
Despite a massive national economic contraction, Pritzker is resisting calls to pull a large tax hike from the November ballot.
“Locksmithing tends to be one of those recession-proof businesses. Unfortunately, when others come across financial pain, we do better, but that all changes when all customers are forced to close."
“I need to pay bills. I’m just terrified, because I don’t know what’s going to happen next. “If my job does start back up, it will be five hours a week and I won’t be able to get unemployment. We need to pay our electric [bill]. We have to pay property taxes, water, Internet, phone...
The Federal Reserve announced unprecedented plans to directly purchase up to $500 billion in state and local government bonds. States with poorly managed finances, such as Illinois, stand to benefit most, but long-term threats loom without structural reforms.