The numbers are looking good for Illinois.
State Rep. Mark Walker (D-Arlington Heights) and economist Ben Varner had a question-and-answer during a House Revenue Committee hearing Thursday.
“I am wondering if we’re tracking things like household savings rates and credit card debt,” said Walker. “As one is decreasing, the other is increasing. There’s going to come a time when it has a direct impact on sales.”
“So far I would call that a return to prior levels,” responded Varner. “(With) the lower-level wealth households, there is concern about the balance sheets.”
Varner is with a state forecasting agency, the Commission on Government Forecasting and Accountability (COGFA), which is now projecting $50.4 billion for the twelve months beginning July 1: about a half billion dollars more than the estimate from the governor’s budget office.
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