While J.B. Pritzker has not released a detailed tax plan of his own, reasonable cost estimates suggest the tax hike required to pay for the candidate’s spending promises would require doubling Illinois’ state income tax rate and cost the state an estimated 132,000 jobs and $31.3 billion in forgone GDP.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.
If lawmakers continue to balk at building the tools necessary to reform pensions, bankruptcy will be the only way out for communities across the state.
The city of Peoria, Illinois sent layoff notices to 27 employees in an effort to fill a budget hole caused by growing pension costs.
The average lifetime pension benefit among the county’s 20 highest-earning municipal retirees is more than $1.2 million, while their average total retirement contribution is less than $75,000.
In a shrinking state, half of Illinois’ largest cities have shed population since 2010.
Seven metro areas across the state lost jobs over the month.
Cities and villages across the state are raising taxes or implementing new ones for a variety of functions, from attracting a fast-food restaurant to catching up on rising pension costs.
Lucrative compensation for government workers stands in stark contrast to the city’s budgetary struggles and a flagging local economy.
While major headlines broke over news that Chicago was the only one of America’s largest 20 cities to shrink from July 2015 to July 2016, most of Illinois’ other cities with 50,000 people or more also lost population.
The industry giant’s move comes amid continued disinvestment in Illinois manufacturing.