Due to its poor financial health and lagging economy, Illinois carries unique economic and fiscal risks from a prolonged market downturn or recession. The state must act now to mitigate harm from COVID-19.View Report
House Speaker Mike Madigan has built a substantial political army through taxpayer-funded promises.
Illinoisans will soon cast a vote on the biggest ballot question in the history of Madigan’s record-breaking speakership.
Illinois suffered its sixth consecutive year of population decline in 2019, driven entirely by residents leaving for other states.
Contracts went to relatives, associates of former vice chancellor in exchange for kickbacks, charges state. Some contracts required no work.
Illinois politicians have too often ignored the necessity of true pension reform and instead opted for tax hikes.
Financial stress testing shows Illinois and New Jersey are the most unprepared for the next recession. Both states lack sufficient rainy day funds and struggle with large pension debt.
Each Chicago taxpayer is on the hook for $119,110 worth of unfunded state, city, county and other local government debt. Many of the pensions driving those debts become Lori Lightfoot’s problem on Monday.
Illinois borrows money to reduce pension obligations, with more borrowing planned. Claims $400 million in current budget savings, but admits to investors it cannot calculate any savings.
Democrats in the Illinois House are leading the push for a constitutional amendment that would require the state to balance its budget – a feat state lawmakers haven’t achieved since 2001.
A report from one of the largest credit rating agencies criticized Gov. J.B. Pritzker’s “dubious” budget proposal for avoiding necessary fiscal reforms.