Illinois added 14,900 jobs in September, but its unemployment rate was the highest in the nation. Inflation and growing recession fears could hit the state harder than most.
Illinois will contribute $450 million to the Unemployment Insurance Trust Fund. With $1.4 billion in debt remaining, Illinois businesses are on the hook if lawmakers don’t meet the Nov. 10 deadline.
Decades-high inflation means local governments can easily raise Illinoisans’ property taxes by 5% during the next year. That makes it an especially bad time to compound the property tax hike with Amendment 1.
In a unanimous decision, the Illinois Supreme Court denied a lawsuit by two former state senators seeking back pay. The senators bragged about voting against the raises, then decided they deserved them after leaving office.
Politicians and pundits can’t seem to agree about whether the U.S. is in a recession, but the semantics matter little for struggling Americans. Illinois can expect economic pain regardless of what it’s called.
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.