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|Subject: Obama Was Here||Date: 10/3/2012 8:53 PM|
|Author: 2828||Number: 646815 of 867753|
Budget + Tax
•Illinois' total state debt is $271 billion
•Illinois' state debt has ballooned to $51,000 per household
•Illinois' state debt per resident is $21,000.
•Illinois has roughly $8.5 billion in unpaid bills
•Illinois has had 12 credit downgrades since 2008.
•Illinois will spend more on pensions than on education by 2016
•Illinois has more units of local government than any other state in the nation
•Illinois has the worst funded pension in the nation
•Illinois' pension inaction costs the state $18 million per day
•Illinois pension funds need 19 percent annual investment returns in order to pay for the promised benefits
?For Illinois, the average tax increase in 2013 is estimated to be $3,452 per tax return for a state total of $22.73 billion.
?Starting January 1, 2013, Americans will face a $494 billion tax increase, the highest ever in one year.
?The average American household would see its taxes rise by $3,800 in 2013 alone.
?Almost 34% of the tax increases from Taxmageddon come from the expiration of the 2001 and 2003 Bush tax cuts.
?Another 25% comes from the expiration of the payroll tax cut.
?Taxmageddon falls primarily on middle- and low-income Americans. That’s because 60 percent of the Bush tax cuts went to middle and low-income taxpayers.
•Supplemental Nutrition Assistance Program (SNAP) served nearly 45 million people, about one in seven Americans in FY2011
•1.8 million people were enrolled in SNAP in Illinois in FY2011
•2.1 million people were receiving Old-Age, Survivors, and Disability Insurance (OASDI) benefits in FY2011
•48% of students in Illinois were eligible for free and reduced price lunch. In Chicago, 84% were eligible in FY2011
Jobs + Growth
•Illinois' unemployment rate is 9.1%
•Illinois unemployment has increased for three straight months
•Nearly 600,000 Illinoisans are looking for work
•39 states have a lower unemployment rate than Illinois
•It will take 43 months for Illinois’ unemployment rate to recover to its pre-recession low, given the current pace of job creation and assuming no growth in the labor force
•Median household incomes have dropped by by 8.2% across the nation since President Obama took office
•Median household income dropped by 2.6% in Illinois between 2010 and 2011
•Illinois hiked state income taxes by 67%
•Illinois is 47 in job growth
•Illinois is 48 in economic outlook
•Illinois is 48 in economic performance
•Illinois is 48 in net domestic migration
•Illinois is 48 in average workers’ compensation costs
•Illinois has the worst credit rating in the nation
•Illinois has had 12 credit downgrades since 2008
•The rate of entrepreneurship in Illinois has been below the national average every year since 1996, with the exception of 2001
•Chicago is tied with Detroit for the worst entrepreneurship rate among the 15 largest metropolitan areas in the country
•Rate of entrepreneurship below national average last 15 of 16 years
•A 2012 survey of the nation’s CEOs by Chief Executive Magazine found that Illinois ranked 48th in the nation for business desirability.
•Medicaid reimbursement rates are among the worst in the nation
•In 2000, 1.5 million Illinoisans were on Medicaid. As a state senator, Obama led eligibility expansions for Medicaid. By 2012, enrollment had ballooned to over 3 million people.
•Medicaid was intended as a temporary safety net for those in poverty. In 2003, 51 percent of enrollees were in poverty. By 2011, just 37 percent of enrollees were in poverty.
•2003: 1.6 million uninsured in Illinois (12.4 percent)
•2012: 1.9 million uninsured in Illinois (14.7 percent)
•CPS faces a $1 billion dollar budget shortfall next year
•40 percent of CPS students drop out
•Only 6% of CPS high school freshmen get four-year degrees
•Only 3% of CPS high school minority freshmen get four-year degree
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