The following is an update from the piece How Federal Stimulus Money will be Allocated in Illinois, which was published March 15 and another piece published on April 17. A major wrench was thrown at the state earlier this month when the federal government announced that American Rescue Plan (ARP) money cannot be used to pay offContinue reading “U.S. Treasury’s COVID debt rule is a bleak situation for Illinois”
Category Archives: economics
How Federal Stimulus Revenue will be allocated in Illinois [update]
The following is an update from the piece How Federal Stimulus Money will be Allocated in Illinois, which was published March 15. State leaders recently convened on how to allocate the $7.5 billion the state will receive under President Biden’s stimulus plan. According to Gov. Pritzker, Senate President Don Harmon, and Speaker Chris Welch, the stateContinue reading “How Federal Stimulus Revenue will be allocated in Illinois [update]”
Illinois’ First Minimum Wage Law
Overview The U.S. Federal minimum wage was first implemented in 1938 under the Roosevelt administration with the Fair Labor Standards Act (FLA). However, FLA did not mandate a universal minimum wage for all industries and were subject to exceptions. By the early 1970s, many state legislatures convened to address these issues by passing legislation toContinue reading “Illinois’ First Minimum Wage Law”
Illinois’ GDP
A Look at the State’s GDP Performance Overview The state of Illinois is currently the sixth most populous state, is the economic engine of the Midwest, and has the fifth highest GDP in the Union. Moreover, Illinois’ economy is so big that is the equivalent to that of Switzerland. This blog provides a snapshot ofContinue reading “Illinois’ GDP”
Analyzing State Population Growth Among Various Income Tax Structures
Abstract While it was previously argued that gradual income taxation did not decrease population growth in Wisconsin, Iowa, and Minnesota, some still remain fixated that graduated income taxation will result in an outmigration of individuals to other states. This brief study analyzes population growth for each state from 2010 to 2019 and then seeks toContinue reading “Analyzing State Population Growth Among Various Income Tax Structures”
Dissecting Illinois’ Pension Problem Part IV: History of Neglect (The 2010s)
The following is a continuation of Dissecting Illinois’ Pension Problem Part IV: History of Neglect (The 2000s) Illinois Public Act 96-0889 (2010) This legislation created a new tier of benefits for public employees hired after January 1, 2011 in lieu of the rising liabilities and was signed April 4, 2010 by Governor Quinn. Tier 1 membershipContinue reading “Dissecting Illinois’ Pension Problem Part IV: History of Neglect (The 2010s)”
Dissecting Illinois’ Pension Problem Part IV: History of Neglect (The 2000s)
The following is a continuation of Dissecting Illinois’ Pension Problem Part IV: History of Neglect (The 1990s) Overview The State of Illinois’ growing underfunded liabilities was the folly of many and not subjected to a single action. It was the compounded effect of many various decisions made by different individuals over decades. Part IV in ourContinue reading “Dissecting Illinois’ Pension Problem Part IV: History of Neglect (The 2000s)”
Dissecting Illinois’ Pension Problem Part IV: History of Neglect (The 1990s)
The following is a continuation of Dissecting Illinois’ Pension Problem Part III: Understanding Tiers Overview The State of Illinois’ growing underfunded liabilities was the folly of many and not subjected to a single action. It was the compounded effect of many various decisions made by different individuals over decades. Part IV in our Illinois Pension seriesContinue reading “Dissecting Illinois’ Pension Problem Part IV: History of Neglect (The 1990s)”
Dissecting Illinois’ Pension Problem Part III: Understanding Tiers
The following is a continuation of Dissecting Illinois’ Public Pension Problem Part II: Modeling Pensions. Overview Public employees are separated into two tiers, depending on when they began employment, and each tier contains a different vesting structure for their pension. The two tiers are simply referred to as Tier I and Tier II. Tier I EmployeesContinue reading “Dissecting Illinois’ Pension Problem Part III: Understanding Tiers”
Dissecting Illinois’ Public Pension Problem Part II: Modeling Pensions
What are Pensions? Pensions are money owed to former public employees as severance to their public service and work. Recipients of these benefits in Illinois include teachers, police, firefighters, state employees, judges, and more. Recipients start collecting this benefit at retirement. How Pensions Work Both the pension recipient and Illinois taxpayers pay into a specificContinue reading “Dissecting Illinois’ Public Pension Problem Part II: Modeling Pensions”
Prairie State Policy 