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.
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.
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.
Illinoisans pay a hidden pension tax. Eliminating that cost would free up resources to help Illinois recover from the COVID-19 recession while also raising the state’s long-term economic potential.
Illinois’ weak economic foundations and fiscal mismanagement were preexisting conditions that caused it to suffer a deeper COVID-19 downturn. They will also hurt its recovery.
Each year St. Clair County taxpayers must add money to keep MidAmerica St. Louis Airport open. COVID-19 could turn a hefty financial burden into an albatross.
Data published last week by the Bureau of Economic Analysis revealed that U.S. gross domestic product shrank at an annualized rate of -32.9% during the second quarter.
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.
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.