Gov. J.B. Pritzker inherited a $2.8 billion budget deficit the moment he stepped into office. Next year, that deficit is projected to be $3.4 billion1. It’s the same story every budget season. But Illinois’ budget crises could be a thing of the past if the state would adopt pension reform, right-size its union contracts and...View Report
Trying to fix a massive pension deficit with more tax increases, deferring payments and gambling with taxpayer money is a recipe for failure.
Ahead of Gov. Pritzker’s first budget address, one of the “big three” credit rating services warned the new governor against raising taxes.
Once again proving why the state must amend the Illinois Constitution’s pension clause, the court unanimously ruled in favor of a special perk that inflated union leader pensions to nearly three times the pension of the average worker.
The Chicago suburb is facing severe fiscal challenges brought about by its unsustainable pension burden and $75 million in debt – a trend that has become too common among Illinois municipalities.
According to a new report by Moody’s Investors Service, Illinois’ unfunded pension liabilities equaled 601 percent of state revenues in 2017, a U.S. record.
Despite claims from some state lawmakers that the fiscal year 2019 budget is balanced, official reports to bond buyers admit a deficit of more than $1 billion.
Illinois added 18,100 new jobs in June, the highest monthly increase since summer 2017, but the Prairie State still lags behind the rest of the nation for the post-recession period.
A landmark case on worker freedom could have positive effects on Illinois’ fiscal health, according to a leading ratings agency.
With pension debt straining city finances, local politicians have insisted on turning to its declining population for more tax revenue.
Lawmakers claiming to have passed a balanced budget are relying on a number of common, but deceptive, budget maneuvers.