What a recession would mean for Illinois

By Bryce Hill

07/28/2022

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.

TAGS: GDP: gross domestic product, Illinois, recession

Illinois’ economy shrinking by more than $183M per day as state approaches 1M new jobless claims

By Orphe Divounguy, Bryce Hill, Jon Josko

05/07/2020

COVID-19 and measures to contain the disease have resulted in unemployment that’s over 50% higher than the worst months of the Great Recession.

TAGS: coronavirus, COVID-19, economy, GDP: gross domestic product, recession, unemployment

McConnell says he favors allowing states to declare bankruptcy

04/22/2020

As Illinois teeters on the edge of a junk credit rating, one key policymaker is floating bankruptcy as a solution.

TAGS: bankruptcy, coronavirus, COVID-19, debt, GDP: gross domestic product, JB Pritzker

Illinois personal income tax revenue could fall up to $6.6 billion from COVID-19 lockdown

By Orphe Divounguy, Bryce Hill

04/14/2020

The severe economic downturn brought on by the coronavirus outbreak and measures taken to contain it could cause state personal income tax revenues to fall by 14.7% to 33.8% this year.

TAGS: coronavirus, COVID-19, GDP: gross domestic product, progressive income tax, revenue

Nearly 1.5M Illinois workers risk layoffs or reduced hours from COVID-19 economic fallout

By Orphe Divounguy, Bryce Hill

04/03/2020

A quarter of Illinois’ workers are staring down the economic impacts of a global pandemic.

TAGS: coronavirus, COVID-19, GDP: gross domestic product, jobs, labor force participation rate, unemployment

How to mislead Illinoisans into accepting higher taxes

By Orphe Divounguy, Bryce Hill, Joe Tabor

05/03/2018

A new report would have Illinoisans believe that a progressive income tax means tax cuts and economic growth. Illinois lawmakers’ tax-and-spend tendencies and evidence from all 50 states say otherwise.

TAGS: CTBA: Center for Budget and Tax Accountability, deficit, GDP: gross domestic product, graduated income tax, income tax, jobs, progressive income tax, Ralph Martire, spending, spending cap, taxes

Land of lagging: Illinois’ sluggish economy and lawmakers’ tax hike treachery

By Orphe Divounguy

01/24/2018

Illinois will not diverge from its path of poor growth until lawmakers realize the failures of recent tax hikes.

TAGS: GDP: gross domestic product, income tax, investment, taxes

What’s dragging down Illinois’ economy?

By Orphe Divounguy

12/20/2017

Illinois would have seen above-average growth if the state’s workforce had simply grown on par with the rest of the U.S. economy. Instead, poor policy choices have made the state an economic laggard. Illinois’ slow expansion is likely a product of investment-killing tax hikes.

TAGS: GDP: gross domestic product, income tax, property taxes, taxes

Forget the unemployment rate, Illinois is in a depression

By Michael Lucci

06/21/2017

Illinois is tied for the worst income growth in the entire U.S.

TAGS: GDP: gross domestic product, housing, jobs, personal income, unemployment

Illinois’ economic growth is worse than during the Great Depression

By Michael Lucci

06/13/2017

Illinois’ total state economic activity has increased by only 4 percent since 2007, which is lower than the U.S.’ 10 percent GDP growth during the worst decade of the Great Depression.

TAGS: GDP: gross domestic product, outmigration, personal income