Illinois Budget Deficit May Mean More Unemployment
With Illinois Unemployment
already running high the state is working to fix a 13 billion budget deficit that could lead to even more unemployment. With a huge deficit the state must add financial cuts to the mix of solutions and this likely means the laying off of thousands of Illinois State employees. State workers from police and fire to Illinois Tollway
employees could be affected as the legislators in Illinois try and plug the budget hole. Illinois has joined California as the two states with the worst credit rating on wall street. This means to prevent further financial deterioriation and ability to borrow Illinois must get the budget fixed through a mix of tax and fee hikes and drastic budget cuts that will cause the states already high unemployment rate to jump. Of course the addition of revenue generators like state run casinos could offset some unemployment caused by budget cut but how much is to early to guess.