America’s War on Poverty has been an abject failure. Nearly $12 trillion and 60 years later, official poverty rates remain basically unchanged. While the nation waged a well-intentioned assault on poverty, it inadvertently launched a far more sinister war: on dignity. While attempting to eradicate poverty, America created countless government welfare programs. In doing so,...View Report
A new report shows Illinois is likely to face financial challenges when the federal stimulus money propping up its current budget runs out. That reality is very different than the Pritzker campaign claims about fiscal responsibility.
Despite claims during Gov. J.B. Pritzker’s speech, his budget documents show a flood of federal COVID-19 aid temporarily shrank Illinois’ deficit but failed to balance its budget. His next budget will not end well.
From 2005-2019, Illinois revenues totaled just 94% of expenses. The state ran deficits in each of the 15 years prior to the COVID-19 pandemic. Only New Jersey overspent more.
The first step of passing a budget is to determine how much is available to spend. Illinois routinely misses the mark in estimating future revenues. There is a solution.
Historic unemployment payouts related to the COVID-19 shutdowns left Illinois’ fund billions in the hole. State leaders did nothing to fix it, meaning there could be reduced benefits for the unemployed or higher taxes on employers trying to recover.
While the private sector is held to a higher standard, rules from the Governmental Accounting Standards Board have enabled Illinois to engage in reckless financial practices that harm taxpayers and the state’s economy.
Illinois Gov. J.B. Pritzker could delay the $313 million in raises state workers have yet to receive, but instead he’s considering taking $75 million from their paychecks and leaving taxpayers without their services.
Illinois’ current budget started out at a deficit, hoped for a tax increase that was rejected and counted on a federal bail-out that never came. Gov. J.B. Pritzker’s best fix is pension reform.
A credit rating agency found Gov. J.B. Pritzker’s ‘fair tax’ would fail to close the state’s deficit or adequately fund essential services.
Lawmakers made no serious attempt to balance the new budget, instead counting on a federal bailout.