Without reforms that level the playing field between the public and private sectors, the cost of Illinois’ public sector workers will continue to damage the state’s labor market, economy and taxpayers.View Report
The elections scheduled for November 2020 are already injecting uncertainty into the economy, and the progressive income tax ballot question will make matters worse.
Facing down a $3 billion deficit, Illinois Gov. J.B. Pritzker offered an unbalanced budget including more tax hikes, borrowing and spending. He claimed severe cuts were the only alternative, but another option exists.
The worst years of the Great Recession are in the rear view. But if the latest gloomy fiscal forecast is any indication, Illinois' persistent policy mistakes will drag down its economic performance well into the future.
The October briefing from the Commission on Government Forecasting and Accountability outlines Illinois’ weak growth, and projects more of the same.
Since the end of the recession, only 5 out of Illinois’ 13 metro areas – Carbondale-Marion, Chicago, Kankakee, Lake County-Kenosha County and Springfield – have recovered all the private-sector jobs lost from the Great Recession.
The need for foundational change couldn’t be more evident in the Land of Lincoln.
The failures of Springfield are many, the state and local crises are real, and the time for action is now.
Localities don’t need to wait for Springfield to make the state work again.
Illinois recorded the second-worst growth in gross domestic product of any state in the Midwest, according to this week’s release from the Bureau of Economic Analysis. The Illinois economy grew by just 0.9 percent in 2013. Only Missouri grew slower, at a sluggish 0.8 percent. The state’s growth ranks near the bottom nationally as well....