(KFTK) – Illinois Policy’s Adam Schuster said that state is in a very bad situation.
He said the organization is calling on targeted tax relief, which would help small businesses save jobs.
Schuster said reductions in regulations that reduce the supply of medical care would be something the Illinois legislature should consider.
Lastly, he highlighted, as he regularly does, that now is the time to try for pension reform because it is the last fiscal lever the state can pull.
What the state needs to avoid businesses going under or having to resort to mass layoffs.
Here is the economic fallout IL could face because of COVID-19:
- $5.5 billion drop in tax revenues
- An increase in Medicaid spending by $770 million and
- An unexpected increase in the state budget deficit of up to $6.3 billion
- A shock to the state’s pension system could also trigger a slide toward insolvency
© 2020 KFTK (Entercom). All rights reserved
