Legislation caps state spending, links spending to economic growth
Nearly 20 years of annual overspending exacerbated by the lack of job-creating, economic-stimulating reforms have contributed to a fiscal crisis that is stymying employment opportunities and driving residents out of Illinois. In response, a measure has been introduced that would place a cap on state spending, while also linking state spending growth to economic growth.
Senate Joint Resolution Constitutional Amendment 21 would limit the growth of government, ensuring state spending can only increase if the Illinois economy is robust enough to sustain the spending increase. Supporters say the reform will not only have a positive impact on Illinois taxpayers, it will attract job creators, grow the state’s flagging population and boost local and state economies.
If Illinois had sustained just average economic growth from 2002 through today, the state would have benefitted from approximately $20 billion worth of additional revenue.