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”
Category Archives: economics
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”
Dissecting Illinois’ Public Pension Issue: Part I
The State of Illinois has accumulated roughly $137 billion in public pension debt at the end of 2019. This is money owed to state employees who have retired as a severance to their public service and work. The massive amount of debt is an issue because as the underfunded liabilities grow, it will continue toContinue reading “Dissecting Illinois’ Public Pension Issue: Part I”
Remember when Illinois Banned Branch Banking?
Topic: Finance Issue: Branch Banking in Illinois There was a period in Illinois history where banks could not freely establish branches at different locations, suppressing bank expansion and limiting consumers to only their local community bank to suffice financial needs. Illinois’ Constitution in 1870 prohibited branch banking unless the General Assembly voted by a three-fifthsContinue reading “Remember when Illinois Banned Branch Banking?”
Analyzing the Arguments For and Against Universal Basic Income
By: Quinn Newman, contributing writer Topic: Finance and Economics Issue: Universal Basic Income Problem: The United States has experienced rising economic inequality over the last four decades. Between 1989 and 2013 median household income only grew by 9% with the wealthiest 1% of Americans owning 35% of the country’s wealth. Additionally, with the federal minimumContinue reading “Analyzing the Arguments For and Against Universal Basic Income”
Prairie State Policy 