This week’s Policy Shop is by Director of Fiscal and Economic Research Bryce Hill It’s Wednesday morning. It’s March, but it’s still cold. Naturally, you’ve opened your inbox to find something to brighten your day. And, boy, do I have what you’re looking for. … an analysis of the state budget. Hang on. Before you.
Prior to the COVID-19 pandemic, Illinois’ financial health was the worst in the nation. An unprecedented influx of federal stimulus and bailouts, combined with stronger-than-expected rebounds in tax revenues, saved Illinois from financial ruin. If state lawmakers do not take advantage of this incredibly rare opportunity and pursue structural financial reforms, then state finances will return to their pre-pandemic status quo.
After years of enhanced revenue from federal aid, a return to the basic principles of budgeting can put Illinois on the path to long-term financial stability
Illinois Gov. J.B. Pritzker wants to spend $440 million for universal preschool and other initiatives for low-income young children. But shouldn’t Illinois pay its old bills before taking on new expenses?