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The US economy is still finding its footing. But states are doing pretty well

JULY 15, 2021 | by Therese McGuire | KELLOGG INSIGHTS (KELLOGG SCHOOL OF MANAGEMENT, NORTHWESTERN UNIVERSITY)

Includes “… So, what about Illinois, which entered the pandemic in crisis? … Remarkably, thanks to that one-time cash infusion, Illinois has a balanced budget, and all three major credit agencies have recently issued positive outlooks. Still, ‘it’s a structural deficit we face in this state. We’ve got revenues increasing at a slower pace than spending,’ she says. ‘And so we balance the budget this year, but if we don’t change either growth rate, give us a few months: we’ll have a deficit.’ …”

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