Politicians and pundits can’t seem to agree about whether the U.S. is in a recession, but the semantics matter little for struggling Americans. Illinois can expect economic pain regardless of what it’s called.
Illinois’ economy shrinking by more than $183M per day as state approaches 1M new jobless claims
COVID-19 and measures to contain the disease have resulted in unemployment that’s over 50% higher than the worst months of the Great Recession.
McConnell says he favors allowing states to declare bankruptcy
As Illinois teeters on the edge of a junk credit rating, one key policymaker is floating bankruptcy as a solution.
Illinois personal income tax revenue could fall up to $6.6 billion from COVID-19 lockdown
The severe economic downturn brought on by the coronavirus outbreak and measures taken to contain it could cause state personal income tax revenues to fall by 14.7% to 33.8% this year.
Nearly 1.5M Illinois workers risk layoffs or reduced hours from COVID-19 economic fallout
A quarter of Illinois’ workers are staring down the economic impacts of a global pandemic.
How to mislead Illinoisans into accepting higher taxes
A new report would have Illinoisans believe that a progressive income tax means tax cuts and economic growth. Illinois lawmakers’ tax-and-spend tendencies and evidence from all 50 states say otherwise.
Land of lagging: Illinois’ sluggish economy and lawmakers’ tax hike treachery
Illinois will not diverge from its path of poor growth until lawmakers realize the failures of recent tax hikes.
What’s dragging down Illinois’ economy?
Illinois would have seen above-average growth if the state’s workforce had simply grown on par with the rest of the U.S. economy. Instead, poor policy choices have made the state an economic laggard. Illinois’ slow expansion is likely a product of investment-killing tax hikes.
Forget the unemployment rate, Illinois is in a depression
Illinois is tied for the worst income growth in the entire U.S.
Illinois’ economic growth is worse than during the Great Depression
Illinois’ total state economic activity has increased by only 4 percent since 2007, which is lower than the U.S.’ 10 percent GDP growth during the worst decade of the Great Depression.