University of Illinois economists warn that the states owes so much it could struggle to provide current services.
Richard Dye, director of the Fiscal Future’s project at the Institute of Government and Public Affairs, says that Illinois residents can expect both cuts and higher taxes in the near future.
“People are going to have to revise their expectation about how much state government can afford. People are going to get fewer current services and pay for services provided in the past. That ain’t nice but that is a reality which is going to sink in. people are going to be paying more and getting less.”
A new analysis from the project found that the state’s budget is worse off than previously reported.