In total, Illinois received at least $15.6 billion in extra funds from federal sources. The state also benefitted from nearly $19.5 billion in higher-than-expected tax revenues since 2020. During that time, the state’s credit rating improved as the massive cash infusion helped tamp down unpaid bills and stabilize the state’s increasing budget costs.
Almost $20B from higher than expected tax revenues. Most of this was driven by Bidenflation and the trillions pumped into the economy. Unfortunately, inflation may flatten but prices aren’t going down, so a big chunk of that increased tax revenue is permanent. The trillions pumped into the economy are over though, hopefully for a long time.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Almost $20B from higher than expected tax revenues. Most of this was driven by Bidenflation and the trillions pumped into the economy. Unfortunately, inflation may flatten but prices aren’t going down, so a big chunk of that increased tax revenue is permanent. The trillions pumped into the economy are over though, hopefully for a long time.