If an Illinois worker takes a pay cut during a recession, she knows the state isn’t going to take an even bigger chunk out of her paycheck. That’s because the state income tax rate stays the same. But if her home loses value, too, she could still see her property tax bill go up. Government...View Report
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....