Rising gas prices show no sign of stopping. Average gas prices in Illinois are more than $5 a gallon, thanks in part to the nation’s second-highest motor fuel tax.
Millions of motorists will hit the road this Memorial Day weekend, an unfriendly reminder of skyrocketing gas prices. Illinoisans specifically pay the most for gas in the Midwest.
AAA’s Thanksgiving travel forecast predicts national driving rates will rebound to near pre-pandemic levels this holiday. For Illinoisans visiting family in the coming weeks, that trip will be cheaper if they can fill up out of state.
The Colonial Pipeline shutdown set off a gasoline price increase, but summer travel demand and pricier summer blends are likely to keep them there. Illinois averages $3.25 per gallon, AAA reports.
Illinois has a chance to fix its state finances, thanks to federal relief. But unless pension growth is brought under control, both retirees and taxpayers will be at risk as debt continues to consume state services.
Because of a pension sweetener for politicians that Madigan helped create, the former speaker’s pension will spike more than $66,000 the year after his first full year of retirement, then grow 3% each year thereafter.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.