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.
Across all five state retirement systems, typical career workers pay for about 5% of the cost of their pension benefits. They receive an average of $1.7 million to $3.6 million.
This Thanksgiving, about 17,500 more Illinoisans will be using food stamps. By New Year’s, about 50,000 Cook County recipients must find jobs or lose benefits.
Government worker retirement costs and interest on state retirement debt are squeezing out funding for social service providers and taxpayer relief.
Illinois will spend $1 billion more on annual debt payments than it will on human services in fiscal year 2017.
There is clearly no lack of commitment aimed at supporting those in need here in Illinois. The question is how to do a better job of it.