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
Illinois needs to enact structural spending reforms to avoid following Puerto Rico down the path to insolvency.
If the White House wants to give Puerto Rico the right to bankruptcy, it should extend the option to all states and territories.
For Greece and Puerto Rico, avoiding sustainable solutions has lead to fiscal ruin. When will Illinois’ lawmakers stop whistling past the graveyard?
Too bad Puerto Rico isnt a state. If it were, Puerto Rico, and not Illinois, would have the nations worst-funded pension system and the countrys worst credit rating.