Some Illinois politicians are using an estimate to revise the Census count and claim Illinois doesn't have a problem with its residents moving away. A closer look shows they are wrong, and the danger of denial.
Government unions in Illinois have tremendous power. Most are allowed to go on strike and can bargain over virtually anything.1 It creates an uneven playing field, with unions able to demand costly provisions in their contracts and threaten to strike – denying Illinoisans needed services – to get what they want.2 Until recently, the potential...
Illinois has a chance to fix its state finances, thanks to federal relief. But unless pension growth is brought under control, both retirees and taxpayers will be at risk as debt continues to consume state services.
The city has suffered significant revenue losses as a result of COVID-19 restrictions. Pensions will further damage city services even as the pandemic fades.
Lawmakers made no serious attempt to balance the new budget, instead counting on a federal bailout. They accepted an $1,800 raise for themselves, while only making significant cuts to education.
As new claims overwhelm an unprepared and inefficient system, the state has been pre-approved for a $5 billion loan from the federal government to ensure benefits continue to be paid.
The budget was not balanced, and Illinois has not balanced a budget for nearly two decades. Pretending Illinois had no issues before COVID-19 won’t help it recover.
Two decades of fiscal mismanagement have left state finances ill-prepared for the COVID-19 pandemic. Congress should condition any additional aid for troubled states on taxpayer protections that ensure pensions are solvent, accounting is realistic and budgets are balanced.