Upcoming Events:
Tuesday, Sept. 10th, 2024 | 10:00 a.m. – 2:00 a.m.
ICASH Event with Senator Tom Bennett
See if you are owed money, and to receive help filing a claim.
Metamora Village Hall
102 N. Davenport St., Metamora, IL
Small Businesses Losing Money as Revised Unemployment Numbers Underscore Challenging Economy for Illinois Families
The U.S. economy is showing signs of strain, with new data revealing fewer jobs added in 2023 and early 2024 than originally reported. The U.S. Department of Labor’s revisions cut job growth estimates by 28 percent, while at the same time, July numbers show Illinois is now tied for the second-highest unemployment in the nation. Meanwhile, small businesses in the state are struggling more than ever, with many making less money than last year, as new tax hikes present additional challenges.
Recent data shows that job growth across the country hasn’t been as strong as initially reported. The U.S. Department of Labor released revised job numbers on August 21, revealing that around 818,000 fewer jobs were created during the past year than originally thought. The revised numbers are a sign that fault lines in the labor market are deeper, and began shifting earlier, than previously known.
In Illinois, the situation is particularly difficult. The unemployment rate jumped to 5.2 percent in July, tying for the second-worst in the country. This means more than 341,000 people in Illinois are looking for work.
Job creators in Illinois are also feeling the pressure. A recent survey by Alignable found that 58 percent of small businesses are making less money than they did last year—a 7 percent increase from the previous month. To make matters worse, Illinois Governor J.B. Pritzker just signed nearly $1 billion in new tax hikes into law.
Across the country, 73 percent of small business owners say they’re earning less than they did last year. Over 80 percent of these small businesses in industries like manufacturing, beauty salons, and real estate are seeing big drops in revenue, making it a challenging time for job creators everywhere.
This economic landscape paints a challenging picture for Illinois families. As the job market falters and new taxes take their toll, many families are finding it harder to make ends meet. The latest data is a stark reminder that the economy remains fragile, leaving many in Illinois uncertain about what the future holds.
Senator Bennett voted against the Governor’s recent tax hikes, warning they will hamper job growth and raise costs for Illinois residents. He believes these tax hikes are driving more people and job creators to leave the state.
New Law Signed to Increase Transparency in Local Government
A new measure was recently signed into law to enhance transparency and public access to information regarding proposed tax levy changes by local governments.
Senate Bill 3567, sponsored by Senator Erica Harriss, amends Illinois’ Truth in Taxation law to require taxing bodies to prominently display notices on or near the top of their websites for a minimum of 30 days. Under the existing Truth in Taxation law, taxing bodies are required to publicly disclose their intention to raise their tax levy by more than 5 percent. The new law will require online visibility in addition to the current mandate that these notices be published in local newspapers.
The dual approach is designed to maximize the reach and effectiveness of public disclosures, providing residents with multiple opportunities to stay informed about potential increases in their property taxes.
Did You Know?
Du Quoin State Fair Now Underway
While the Illinois State Fair in Springfield may have ended, the Du Quoin State Fair is just getting started. The ribbon-cutting ceremony for the Du Quoin State Fair was held on Friday, August 23, followed by the annual Twilight Parade.
The 2024 Du Quoin State Fair runs from August 23 through September 2 and features a wide range of attractions. Visitors can enjoy agricultural exhibits, livestock shows, auto racing, free entertainment, carnival rides, contests, educational displays, harness racing, concerts, and more.
The lineup of entertainers scheduled at the main Grandstand can be found here. The daily calendar of events can be found here. Please visit dsf.illinois.gov for additional information, including seasonal parking and handicap parking details.
How much do we owe?
As of the time of this writing, the State of Illinois owes $1,212,337,587.41 to state vendors, including 16,862 pending vouchers. This figure represents the amount of bills submitted to the office of the Comptroller and still awaiting payment. It does not include debts that can only be estimated, such as our unfunded pension liability which is subject to a wide range of factors and has been estimated to be more than $139 billion. At the same time last year, the state’s accounts payable stood at a little less than $2 billion.
This Week in the 53rd District
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