Illinois’ Prevailing Wage Act has no place in the 21st century. Policymakers should enact fair and competitive construction laws that give all individuals who are willing to work a fighting chance.View Report
Illinois has been ranked third-to-last for business friendliness in three straight surveys of CEOs.
The state is borrowing millions to finance capital construction projects and information technology improvements. But Illinoisans continue to pay for the worst credit rating of any state in the nation.
The Land of Lincoln received the lowest possible grade in budget forecasting and legacy costs.
The state has embarked on a plan to sell more than $6 billion of bonds in order to reduce annual interest payments and help pay off the bill backlog.
Every budget through 2023 will likely be unbalanced as well.
S&P Global Ratings has warned that Illinois’ bond sale to help pay old bills could merely add more debt to Illinois’ burden if the state does not also enact fiscal reforms.
While borrowing to help pay down the state’s unpaid bill backlog will save money on interest payments and relieve pressure on those waiting for cash, it also perpetuates Illinois’ spending problem.
School funding is locked up due to the current fight in Springfield over the state’s new education funding formula and the bailout of Chicago Public Schools it contains.
Many reforms are still needed in Illinois higher education system despite credit rating affirmations and upgrades to seven Illinois universities.
Of the three major ratings agencies, only Moody’s Investors Service has indicated that Illinois lawmakers’ lack of long-term solutions for reducing that debt is a severe problem.