Jobs data is giving the illusion of economic recovery in Illinois. The reality is 107,530 workers gave up their job searches, and new COVID-19 lockdowns can only hurt more workers.
The Illinois Department of Employment Security troubles included scores of unemployed unable to get benefits, nearly 32,500 Social Security numbers exposed and now benefits theft. A simple fix used by many online retailers could have prevented the thefts.
Data published last week by the Bureau of Economic Analysis revealed that U.S. gross domestic product shrank at an annualized rate of -32.9% during the second quarter.
The most optimistic forecast shows 20% of Illinois’ food service business closures will be permanent. But up to 85% of restaurants expect to close permanently.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.