Illinois manufacturers are seriously concerned about the unemployment fund deficit

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A recent survey of Illinois manufacturers by the Technology & Manufacturing Association (TMA) found that an overwhelming majority of its members want Gov. Pritzker to pay off the $4.5 billion Unemployment Benefit Trust Fund deficit to allow companies and taxpayers are not affected by a tax increase.

After Gov. Pritzker’s budget address, in which he failed to address this deficit, TMA asked members if they believed the governor should allocate the remaining $3.3 billion from the federal American Rescue Plan to address the to make up a $4.5 billion shortfall in Illinois’ unemployment fund. 89% said yes, only 4% said no. If left unpaid, corporations and taxpayers would be on the hook with over $100 million in interest.

“The results of this survey confirm that Illinois manufacturers are concerned about our state’s unemployment deficit,” said Dennis LaComb, executive vice president of TMA. “If the governor continues to neglect unemployment debt, it will do significant damage to our state’s already fragile business climate. Without a solution, workers will be left with reduced benefits, and our Illinois manufacturing community will remain at a competitive disadvantage in these states.”

States and localities across the country have already used federal Covid relief funds to cover debt obligations. The city of Chicago provided $465 million in Covid relief to pay off its own short-term debt obligations.

TMA regularly polls its members on manufacturing-related topics. The results of this and previous TMA polls can be found at TMANews.com.

About TMA: Founded in 1925, the Technology and Manufacturing Association is an independent trade organization focused solely on supporting and promoting small to medium-sized manufacturers by providing a diverse portfolio of benefits and services including: community, information, training, Resources and Advocacy. TMA has nearly 1,000 members representing over 35,000 manufacturing employees and more than 25 million square feet of manufacturing facilities.

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