The 2011 tax hikes cost the state economy $55.8 billion in real GDP from 2012-2016.View Report
A new study highlights the gravity of Illinois' fiscal crisis.
Cook County governments have now amassed $139 billion in debt, a 30 percent increase over the last 5 years.
State workers receive a platinum-level health care plan at a heavily subsidized cost, while Illinoisans in the private sector paying for those plans see their own premiums skyrocket.
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.
After a tax hike spree from Chicago-area politicians, residents are stuck paying more only to carry an ever-larger load of debt.
House Bill 3004 would have put banks and bondholders ahead of taxpayers and those who rely on government services. But Gov. Bruce Rauner’s amendatory veto strips the bill of those bailout provisions.
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.
Tax hikes on struggling Illinoisans as the state is bordering on a recession, a lack of structural spending reforms, no true pension reform, $100 million in pork spending, and the continued threat of a junk credit rating are among the ways the new Illinois budget fails taxpayers.
The state’s bill backlog is expected to hit $22.7 billion and pension costs are predicted to grow 14 percent by fiscal year 2018.
Moody’s Investors Service cited Illinois’ $250 billion in pension debt and the lengthy budget impasse as reasons for its one-notch credit downgrade.