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.
While May’s jobs report showed what could be the beginning of a bounce back in total employment for the state, growth was concentrated primarily among white workers. Black and Hispanic workers were left behind.
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.