Illinois is just below the middle of the pack when it comes to economic growth over the past four quarters. That’s according to the latest data from Pew Charitable Trusts’ Fiscal 50 project.
Illinois is second-to-last in the country for personal income recovering, only growing half a percent, since the beginning of the recession in 2007. However, in the past four quarters Pew’s Research Director Barb Rosewicz says Illinois landed at No. 30 for personal income growth.
The Commission on Government Forecasting and Accountability says Illinois is experiencing the slowest growth since the end of World War II and in a recent report asked if a recession lies near. Both COGFA’s Dan Long and Pew’s Rosewicz note Illinois’ loss of population over the past couple of years.
In other State news, an idea for a financial transaction tax on various financial exchanges as a way to shore up more taxes doesn’t seem to be going anywhere.
Democratic Representative Mary Flowers says her idea of a financial transaction tax could generate billions of dollars a year, something she says would help fix Chicago Public Schools and other issues where state funds aren’t available.
Governor Bruce Rauner said such a tax would force the affected exchanges out of Illinois. Rauner says there are a couple of options Chicago has for their public school system.
Flowers’ House Bill 106 was introduced over a year ago and remains in the Rules Committee with the Chicago Democrat as the only sponsor.