Due to its poor financial health and lagging economy, Illinois carries unique economic and fiscal risks from a prolonged market downturn or recession. The state must act now to mitigate harm from COVID-19.View Report
With economic challenges driven by the coronavirus ahead, Illinois finds itself missing an important financial tool.
Illinois suffered its sixth consecutive year of population decline in 2019, driven entirely by residents leaving for other states.
Financial stress testing shows Illinois and New Jersey are the most unprepared for the next recession. Both states lack sufficient rainy day funds and struggle with large pension debt.
While the governor has touted his plan as a way to stabilize state tax revenues, it would actually do the opposite.