If Illinois adopted Virginia’s spending habits along with policies that can reduce costs and raise home values, the Prairie State could vastly reduce the property tax burden that Illinois homeowners currently face.
Despite objections from faculty, one university chancellor is pressing for a campus restructuring that includes curbing the tuition-heightening costs of administrative bloat.
Growth in administrative bloat is sucking up money that would otherwise go toward the classroom and tuition grants for low-income students in Illinois’ higher education system.
Illinois universities are blaming the recent budget impasse for their declining enrollment and financial problems. But the problems in higher education started long before the budget fight, and are largely self-inflicted.
House Bill 1316 would force taxpayers to help fill the gap between high tuition costs and student affordability. The bill would increase government spending, but undermine Illinois’ public colleges and universities' incentive to lower tuition costs to compete for students.
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.
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.
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.