89% of Small and Midsize Manufacturers Say Priority Should Be Paying This Deficit
SCHAUMBURG, IL – With Governor Pritzker announcing a budget surplus for 2023, the Technology & Manufacturing Association (TMA) and local manufacturers are urging Pritzker to make the fiscally responsible decision and pay off the unemployment trust fund deficit in full before spending any of that surplus elsewhere.
TMA President Patrick Osborne summarized TMA’s position: “You pay off your debt before putting money into savings. That’s just common sense.”
Last week, the Governor’s Office of Management and Budget (GOMB) released the annual Illinois Economic and Fiscal Policy Report. This report revised Illinois’ 2023 revenue forecast upward by $3.69 billion, creating a $1.7 billion net surplus for the fiscal year. The unemployment trust fund deficit currently stands at $1.345 billion.
Said Osborne, “Why risk having to increase taxes on our overburdened taxpayers, small businesses, and manufacturers when we have the funds right now to eliminate that debt? This is the governor’s chance to show he is on the side of Illinois’ job creators and workers.
Small and midsize manufacturers urge Governor Pritzker to pay off the remaining unemployment trust fund deficit so they aren’t hit with more taxes to make up for our state’s finances being mismanaged.”
TMA has been a strong proponent of paying off the unemployment trust fund deficit. In March of this year, TMA released internal survey results that found 89% of TMA members wanted Pritzker to pay down the deficit so manufacturers and taxpayers wouldn’t be hit with significant tax increases.
About TMA: Founded in 1925, the Technology and Manufacturing Association is an independent trade organization exclusively focused on assisting small and midsize 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 plant.