With the successful passage of 401(k)-style pension reform in Michigan’s state legislature, Illinois lawmakers should examine their own growing pension crisis and pursue bolder reforms to stabilize the state’s finances.
While major headlines broke over news that Chicago was the only one of America’s largest 20 cities to shrink from July 2015 to July 2016, most of Illinois’ other cities with 50,000 people or more also lost population.
Illinois lost more millennial college students than any other state except New Jersey between 2000 and 2014, and Illinois’ loss of young people appears to be accelerating.
Though most of the top 100 property tax bills came from New York, the state with the second most entries was Illinois. The 13th highest bill in the country belonged to Exelon’s nuclear generating station in Byron, Illinois, totaling $36.5 million in 2016.
New Bureau of Labor Statistics data show Illinois’ black residents have an unemployment rate of 12.7 percent, more than double the state’s overall rate.
By fixing cost drivers, decreasing the cost of doing business in Illinois, and easing the tax burden, Illinois can encourage jobs growth and stand a better chance at attracting and retaining younger people.
The Education Freedom Tax Credit, also known as the Federal Scholarship Tax Credit, will give Illinois students access to donor money if the state opts into the program.