Illinois is experiencing a severe fiscal crisis caused by years of fiscal mismanagement and recently, two years without a budget. Millions of residents of all ages suffered through the lack of depleted programs and services.
The numbers are astounding; $6-$8 billion unpaid bill deficit; $3.2 billion structural deficit; $133.5 billion in unfunded pension deficit. Despite two consecutive years with a budget and an increased flat income tax rate, we are nowhere near out of the woods. Illinois has a long way to go until state finances are restored, service providers are paid, vulnerable citizens receive needed services, municipalities are supported, higher education funding is not threatened and the state’s debt burden is not hanging over everyone’s head.
Enough is Enough! Illinois politicians must make fixing Illinois’ finances their number one priority. Permanent, comprehensive, equitable solutions must be implemented that restore Illinois’ fiscal health, provide the services Illinoisans need, and ensure a bright future for our children and grandchildren.
Illinois' budget deficit
Backlog of unpaid bills exceeds $7.25 billion
Illinois' long-term debt; Worst in nation by $80B
Unfunded public pension obligations exceed $133 billion
Illinois could lose $1.2 billion in funding over a decade should the 2020 U.S. Census undercount the state's population, according to new Chicago Urban League research. Both Chicago and the state have high "hard to count" populations, with Illino...
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Gov. J.B. Pritzker, who is staring down a $133.5 billion pension hole, is counting on help from legalizing recreational marijuana. But less than half the new tax revenue generated from weed sales will go toward shoring up the state's finances. Un...
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After months of pondering, Gov. J.B. Pritzker today began briefing state lawmakers on his much-anticipated capital plan, and it’s both big and expensive—$41.5 billion over six years, to be financed in part by a doubling of the state's tax on gasol...
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Many seniors in Chicago worry about being able to stay in the city, according to a recent survey of registered voters ages 50 and up. The survey was commissioned by the Illinois branch of the American Association of Retired Persons. Forty-four ...
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There’s no doubt Illinois is in a financial mess. But the proposal to fix it offered up this week by the Civic Committee of the Commercial Club of Chicago—senior executives from the Chicago area’s leading employers—shows little regard for Illinois...
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The Illinois Capitol breathed a sigh of relief this summer when Republican Gov. Bruce Rauner and the Democratic-controlled legislature agreed on a state budget. But most Illinois voters say they’re not sure the deal will solve the state’s $1.2 bil...
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