Tag Archives: business

Illinois is marching to the edge of its own financial cliff

Illinois is marching to the edge of its own financial cliff by failing to control its ever-growing pension costs, says the leader of the Illinois Chamber of Commerce. When the market collapsed in 2008, so did the bottom lines of the state’s pensions. “While the nation went through the worst recession in modern history, Illinois’ public pension funds still were projecting healthy returns with their heads firmly in the sand,” writes Doug Whitley. http://bit.ly/STkLId
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Illinois Did Not Make The Top 25 List of Best Business Climates

Three main issues dominate congressional races in Illinois: jobs, jobs and jobs. Whether you’re a job-seeker or a business owner, this should come as no surprise. The state last week didn’t even make the Top 25 of a corporate journal’s list of the nation’s best business climates. All Illinois’ neighboring states except Missouri made the cut — as did fellow Midwest states Michigan and Ohio (rated second best in the nation).

With IL Budgets Alreayd Slashed, So Happens When Tax Hike Expires?

Think things are tight now in the state budget, which this year saw slashed $300 million from education so the state could pay down bills and make the required payment to its pension systems? Imagine what it will be like when the current tax hike expires and the state must make do with a reduction of around $7 billion in tax revenue. Or should we say “if” the tax increase expires as scheduled?

Per Pupil Spending in Illinois is at $11,000

Fact of the Day comes from the Illinois State Board of Education 2012 State Report Card.

Illinois Cut 3% from K-12 Budget in FY13

Due to pension debt, Illinois cut 3 percent from its K-12 education budget in fiscal 2013. Commission on Government Forecasting and Accountability, reported in the State Budget Crisis Task Force Illinois Report

Reboot Illinois Fact of the Day k-12 education budget cuts Commission on Government Forecasting and Accountability, reported in the State Budget Crisis Task Force Illinois Report

Jimmy John’s Talks Big About Leaving Illinois

It’s not like losing an auto plant or corporate headquarters of a multinational company, but the head of the Jimmy John’s sandwich chain says he’s moving part of his corporate operation out of Illinois. “I think you’ll probably see us out of Illinois in the next four years and probably see us in Indiana or Austin (Texas), if I was to guess,” Jimmy John  Liautaud told a panel discussion in Chicago this month. It’s not just the 2011 tax increase, Liataud says, but “the way they spend the tax” that has led him to look at other states, reports Crain’s Chicago Business.

Jobs and Businesses

New U.S. census data shows that 150,000 more Illinoisans were living in poverty in 2011 than in 2010. The Chicago Tribune reports: “ ‘The low-paying sectors are growing,’ while higher-paying industries continue to shed jobs, said Sheldon Danzinger, a University of Michigan economist who has written extensively about poverty trends. ‘Service, retail, food. They don’t pay very high wages. That’s a reason why a lot of working people are getting food stamps.’ http://trib.in/UrxB37

Why People are Leaving Chicago: “The Price Isn’t Right”

Reboot Our Government – Author Amy Shlaes has a theory why people are leaving Chicago: “The reason Chicago doesn’t grow faster is because the price isn’t right. The price isn’t even evident. In short, Chicago has become too much of a deal city and too little of a price city.” From TIFs to tax break incentives for corporations, Chicago and Illinois cut deals for which taxpayers ultimately foot the bill. Shlaes’ solution: “Tax everyone at the lowest rates, and at the same rates. Write no special contracts, whether in the name of cronyism or capitalism. Price a city right again, and everyone will come home.”

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