Pension obligation bonds, like payday loans, are a sign of mismanaged finances. Illinois not only leads the nation for using that risky debt, it owes the bulk of it.
Because the cost of generous government retirement packages has grown faster than existing government revenues can sustain, property taxes continue to climb.
Fiscal watchdog Truth in Accounting’s July 2021 report showed the Windy City’s pension-fueled debt rose by $2.3 billion from 2019 to 2020 despite receiving substantial federal aid during the pandemic.
Gov. J.B Pritzker extended his own emergency powers and Illinois’ disaster zone status through Aug. 21, claiming they were necessary to promote state vaccination efforts. When asked when he would give up his emergency powers, Pritzker wouldn’t say.
Illinoisans pay one of the highest sales tax rates in the nation when local and state sales taxes are averaged. The average rate of 8.83% was up slightly from a year earlier.
New legislation awaiting Gov. J.B. Pritzker’s signature foresees the possibility of felons being allowed to hold office. Other election law changes would expand vote by mail, push back the 2022 primary election and make Election Day 2022 a state holiday.
Illinoisans will pay nearly one-third more in taxes during their lives than the average American. They will pay almost double what Indiana and Kentucky residents will pay.
Gov. J.B. Pritzker signed Democrats’ partisan legislative and judicial redistricting plans. He had repeatedly promised to veto any maps drawn by state lawmakers for their own benefit.
Illinois could fully reopen by June 11, but Gov. J.B. Pritzker decided the state was still a disaster zone and he needed emergency powers until the end of June.
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.