Minimum wages for Chicago and Cook County are increasing July 1. Inflation has rapidly outpaced wage growth, cutting the average Illinoisan’s pay by $2,200.
Unrealistic assumptions and missed investment returns have meant Illinois taxpayers paid $13.7 billion more for public pensions than state leaders projected five years earlier. Unless the estimates improve, taxpayers will pay an extra $21.3 billion during the next decade.
Illinois’ history of poor policy decisions left homeowners behind the pandemic era housing boom. Continuing the trend leaves homeowners more susceptible to future downturns.
A think tank advised Illinois leaders not to use temporary federal COVID-19 relief aid for on-going programs. It would lead to future funding shortfalls.
Illinois’ current budget started out at a deficit, hoped for a tax increase that was rejected and counted on a federal bail-out that never came. Gov. J.B. Pritzker’s best fix is pension reform.
Asking Illinoisans to pay more in taxes to receive less in services has been the trend in state government for the past decade, driven by the ever-growing cost of Illinois’ worst-in-the-nation pension crisis.
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.