For each percentage point drop in the private sector’s share of the state economy, Illinois household incomes fall by over $3,000 on average. Unfortunately for Illinoisans, the private sector’s share of the Illinois economy has dwindled as government’s share – enabled through tax-funded spending – has risen to 25 percent.
Unlike the people who voluntarily have given tens of thousands of dollars toward Cards Against Humanity's Black Friday hole-digging gag, Illinois taxpayers are forced to pour money into the state's ever-growing budget and pension gaps.
Fiscal mismanagement by Illinois politicians has resulted in mounting deficits that are hurting the state’s economy, leading to ever-higher taxes, and driving people and their income out of the state.
Now that politicians don’t have the flexibility to access transportation funding during emergencies, they’ll use the lack of funds as an excuse to pass higher taxes on Illinoisans.
Each year, the City Council holds hearings for every city department to justify their annual appropriation. These hearings are sparsely attended and rarely touch on spending. This year, more than half of Chicago aldermen skipped budget hearings.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.