Over the course of the past eighteen months, our state has experienced its most trying financial hardship since the Great Depression.

But as the global economy continues to struggle, specific signs of hope are popping up in Illinois, indicating economic prosperity in our state is on the rise.

Illinois ranks #1 in stimulus funding expenditures

A recent report issued by the Federal Highway Administration (http://www.fhwa.dot.gov/) shows that Illinois is the top state in the nation in the expenditure of funds under the American Recovery and Reinvestment Act (ARRA). Illinois has expended over $170 million in ARRA funds, three-times more than the next closest state. This information should be tremendously comforting to the people of our state. Despite our large financial deficit and a history of party conflict, Democrats and Republicans have come together for the greater good of the people of Illinois. Because of this cooperation, our state has been able to capture a significant amount of federal assistance to improve our crumbling infrastructure.

Creating Jobs, Rebuilding Illinois

Building off of this cooperation, the legislature passed a $31 billion comprehensive capital works program this spring, the first capital plan in over ten years. Under this legislation, we will build new schools, fix broken roads and invest in state-of-the-art infrastructure that will benefit our state for years to come. The capital plan also allows us to tap in to more federal funding, saving the state a great deal of money while benefitting our residents tremendously. Hundreds of thousands of new jobs will be created under the capital plan and the stimulus funding. At a time when people are losing their jobs, here in Illinois we are putting people back to work (http://recovery.illinois.gov/).

The capital plan is funded largely by the process of streamlining our state’s sales tax. Streamlining our sales tax system has many benefits. It eliminates inequalities in the tax system and reduces the burden on local businesses to collect sales tax. This process produces a significant amount of new revenue for our state and places our tax system in line with other states that are already reaping the benefits of this system. By generating more revenue, the state will be able to fund important programs and services for all Illinoisans.

Cash for Clunkers

Illinoisans have also taken advantage of the largely popular “Cash for Clunkers” program administered by the federal government. More than $143 million in government rebates were dispensed to residents in our state, another sign that the economy is improving in our state. This indicates that consumer confidence is picking up, bringing in more revenue for the state and providing more jobs in the process. We will also see environmental benefits from this program as these new vehicles will produce fewer emissions and reduce our reliance on fossil fuels. It’s a win-win situation for our economy and the environment.

Homeowner Protection

During these tough economic times, many families across the nation have lost their homes to foreclosure. But here in Illinois, we have enacted pragmatic legislation to help families retain their homes. The Homeowner Protection Act, which was passed unanimously by the General Assembly, gives homeowners who fall behind on their mortgage payments time to work with their lender to develop a plan that will allow them to stay in their homes. We know that the future of Illinois rests in the hands of the hardworking families across our state. Home sales in Illinois were up by nearly 62 percent in the second quarter this year, a trend we are confident will continue with the implementation of this program (http://www.idfpr.com/FinLit101/MRP.asp). All of these indicators show that our state’s economy is looking to bounce back. Though we are still in the midst of a global recession, Illinoisans can take comfort in knowing that the future of Illinois is very promising.