Without property and income tax relief, housing in Illinois will continue to be less attractive, Illinois’ population is likely to continue its decline and housing price appreciation can be expected to continue to lag the rest of the nation.View Report
According to a new report by Moody’s Investors Service, Illinois’ unfunded pension liabilities equaled 601 percent of state revenues in 2017, a U.S. record.
A landmark case on worker freedom could have positive effects on Illinois’ fiscal health, according to a leading ratings agency.
One rating agency cited Illinois’ “persistent crisis-like budget environment” as explanation for the state’s near-junk credit. A spending cap constitutional amendment and pension reform could go a long way toward putting the state on a healthier fiscal path.
Every budget through 2023 will likely be unbalanced as well.
School funding is locked up due to the current fight in Springfield over the state’s new education funding formula and the bailout of Chicago Public Schools it contains.
Of the three major ratings agencies, only Moody’s Investors Service has indicated that Illinois lawmakers’ lack of long-term solutions for reducing that debt is a severe problem.
Chicago Mayor Rahm Emanuel expressed little concern over Moody’s Investors Service’s announcement that it might downgrade Chicago’s already-junk-rated bonds over CPS budget problems.
Illinois’ bond rating may not be junk, but the state’s finances still are.
Illinois’ 32 percent income tax hike will steal nearly an entire year’s worth of income growth from Illinoisans.
Chicago Public Schools failed to pay in full the $733 million pension payment that was due June 30, instead making a partial payment of $464 million, even after taking out a $387 million loan from JPMorgan.