Minimum wages for Chicago and Cook County are increasing July 1. Inflation has rapidly outpaced wage growth, cutting the average Illinoisan’s pay by $2,200.
The minimum wage for residents working in Chicago and Cook County is increasing July 1. Research suggests the rise in wage rates will benefit the working Chicagoans at the expense of the city’s vulnerable unemployed.
Illinois’ second minimum wage increase this year is part of a plan to hit $15 an hour in 2025. Small businesses face tough decisions on cutting staff or raising prices.
Illinois’ uneven recovery reflects national trends, but also raises important questions about the state’s economic future ahead of a key tax hike vote.
Station owners said Illinois businesses were damaged July 1 when the gasoline tax doubled. Tax increases are keeping Illinois pumps quiet and cooling cigarette sales.
A vinyl graphics business in southwestern Illinois wasn’t planning to downsize. But the state’s $15 minimum wage hike has forced the owners to cut six jobs.
Illinois Gov. J.B. Pritzker has said his first year deficit is $3.2 billion, but he intends to spend hundreds of millions more than planned under previous baseline budgeting.
After years of enhanced revenue from federal aid, a return to the basic principles of budgeting can put Illinois on the path to long-term financial stability