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.
Illinois’ history of poor policy decisions left homeowners behind the pandemic era housing boom. Continuing the trend leaves homeowners more susceptible to future downturns.
Illinois lawmakers might borrow $1 billion to extend pension buyout programs until 2026. Experts warn the efforts have been a disappointment and will do little to ease Illinois’ worst-in-the-nation pension crisis.
Illinois borrowed $4.2 billion from the federal government to replenish its unemployment trust fund, missed the deadline to repay it and now wants to avoid the interest that is due.
An underused airport near Belleville, Illinois, has required local taxpayers to chip in $119.5 million since 2002 to keep it operating. Even with pandemic money, 2020 was even worse.
Illinois missed the September deadline to repay a $4.2 billion federal unemployment loan. Employers warn inaction by state lawmakers could ‘cripple’ businesses and the COVID-19 economic recovery.
Gov. J.B. Pritzker has added more than $5.24 billion in new or higher taxes and fees since taking office. Despite all that new revenue, the nation’s highest taxed state remains a fiscal mess unable to balance a budget for 21 years.
Illinois’ tax code stands in the way of the state’s economic competitiveness. The combination of high tax burdens and a poor tax structure contributes to the loss of jobs and investment to other states. From a place of former economic dominance, Illinois now ranks 45th in gross state product (GSP) growth over the past decade...