Pension costs for state government workers reached an all-time high in 2016, consuming 25 percent of the state’s general budget.1 Today, more than $8 billion of the state’s yearly $32 billion budget goes to pay for pension costs, sapping tremendous amounts of money from social services for the developmentally disabled, grants for low-income college students, and aid to home...View Report
Physician-dispensed drugs account for more than 60 percent of the cost of prescriptions covered by workers’ comp in Illinois.
The trial bar’s claim of profiteering is misdirection from the real issues. But if the trial bar wants more regulation of profit rates, it should begin with regulation of the profit rates of law firms that make their business on workers’ compensation cases.
Illinois continues to have the worst jobs growth in the region, and tax hikes will only make matters worse.
With Peoria and downstate reeling, the Caterpillar move comes at a time of persistent disinvestment in Illinois manufacturing.
The company plans on moving its white-collar workforce to Naperville, while keeping its manufacturing plant in Michigan.
Peoria-based heavy-equipment manufacturer Caterpillar has announced a possible move of up to 800 manufacturing jobs out of Aurora.
Illinois’ uncompetitive workers’ compensation system doesn’t just hurt private sector businesses – it is also costing taxpayers more than $400 million per year.
CAT announces more layoffs due to anticipated losses in 2017.
The cost of workers’ compensation for municipalities, counties and state government in Illinois is more than $400 million per year.
Illinois House Speaker Mike Madigan’s spokesman, Steve Brown, has repeatedly implied that Illinois insurance companies are hoarding cost savings. However, this couldn't be happening unless insurance companies were colluding in violation of the principle of antitrust laws, and there's no evidence they are. Illinois trial lawyers have echoed Brown's sentiments, but they don't seem to see evidence of antitrust violations either given that they haven't brought lawsuits against insurance companies for violating federal antitrust law.