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.
The pandemic caused the largest and shortest economic contraction in U.S. history. But as other states recovered, Illinois’ economy remained $17 billion below the pre-pandemic trend through the first half of 2021.