If an Illinois worker takes a pay cut during a recession, she knows the state isn’t going to take an even bigger chunk out of her paycheck. That’s because the state income tax rate stays the same. But if her home loses value, too, she could still see her property tax bill go up. Government...View Report
The worst years of the Great Recession are in the rear view. But if the latest gloomy fiscal forecast is any indication, Illinois' persistent policy mistakes will drag down its economic performance well into the future.
The October briefing from the Commission on Government Forecasting and Accountability outlines Illinois’ weak growth, and projects more of the same.
With the 2018 budget set to spend at least $1.3 billion more than it takes in, members of the General Assembly have hoodwinked Illinoisans once again.
The state will eat a 32 percent larger chunk out of most workers’ paychecks, retroactive to July 1.
Credit rating agencies have warned Illinois’ credit could slide into junk territory if the legislative session ends in May without a budget deal to get the state’s finances back on track.
The latest report from the Commission on Government Forecasting and Accountability shows Illinois experienced falling tax collections, indicating trouble in the state economy. Spending reforms – not tax hikes – are what Illinois needs to right its fiscal ship and boost economic growth.
Illinois’ revenues are falling each month of this fiscal year, and it will be difficult to change course.
Illinois’ slow economic growth, made worse by out-migration, needs to be addressed in order to tackle the state’s budgetary problems.
In December 2013, a pension reform bill passed out of the Illinois General Assembly. Sponsors of the bill estimated $160 billion in savings over the next 30 years, and supporters touted that the pension problem in Illinois was finally fixed. In fact, most of the dialogue throughout the Capitol was that the state-funded pension systems...
Even if Illinois pension funds see investment returns that exceed expectations, that still won’t be enough to plug the largest fund’s hole. The Teachers’ Retirement System reported its pension underfunding grew to $55.73 billion as of June 30, 2013 — an increase of more than $3.5 billion since the end of the previous fiscal year...