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.
The most optimistic forecast shows 20% of Illinois’ food service business closures will be permanent. But up to 85% of restaurants expect to close permanently.
Self-employed and gig workers were finally allowed to file for benefits last week, driving the total to nearly 1.1 million Illinoisans seeking help since COVID-19 hit the state’s economy.
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.