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Illinois Faces Greater Hit to Revenue Than 2008 Recession
Illinois’ revenue hit from the coronavirus pandemic could be worse than what the state experienced during the Great Recession, reported a task force from the University of Illinois System’s Institute of Government and Public Affairs (IGPA).
The scenarios devised by the task force range from a mild pandemic and brief economic downturn, to a prolonged recession and severe pandemic. Under the latter scenario, Illinois could lose more than $28 billion between calendar years 2020 and 2023.
“Illinois is not well-positioned to cope with these pressures,” said IGPA director Robin Fretwell Wilson. “The tools that states typically use to get through a crisis are already stretched thin, as Illinois has used them time and again to weather fiscal storms going back more than a decade. But, because Illinois isn’t new to fiscal crisis, there are key lessons we can take from our past to mitigate the fallout of the COVID-19 pandemic.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Economy
