Illinois, California and New York shrank the most and lost people fastest during the COVID-19 pandemic. Texas and Florida grew the most. Idaho, Utah and Montana grew the fastest.
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.
State revenue losses around the country have ranged from far less than expected to non-existent. Fiscally healthy states are giving back to taxpayers. That doesn’t include Illinois.
Illinois’ high levels of corruption damage the state’s economy, costing it $10.6 billion since 2000. States with higher levels of corruption average lower levels of economic growth.
Business sectors directly affected by the coronavirus and mitigation employ 1.5 million Illinoisans. The longer the shutdown, the more industries and jobs face cuts.
New data show Illinois lost private sector jobs amid a national economic expansion for the first year on record in 2019, a sign of the state’s deep structural problems in the run-up to the current market downturn.
As previously undisclosed subpoena adds another angle to federal agents’ activity surrounding the longtime House speaker and chairman of the Democratic Party of Illinois.
“Revolving door” laws are intended to stop state lawmakers from getting private jobs after granting political favors. Illinois is one of the few states that does little to curb the practice.
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.