Commission on Government Forecasting and Accountability
HOUSE
C.D. Davidsmeyer, Co-Chair
SENATE
Heather Steans, Co-Chair
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September 2019 Monthly Briefing
CONSUMER DEBT IN ILLINOIS
Benjamin L. Varner, Senior Analyst and Economic Specialist

The New York Federal Reserve recently produced a report that stated household debt balances in the U.S. increased by $192 billion in the second quarter of 2019, a 1.4% increase, and stood at an all-time high of $13.86 trillion. The report noted that balances have been steadily rising for five years and in aggregate are now $1.2 trillion higher, in nominal terms, than the previous peak of $12.68 trillion seen in the third quarter of 2008. Overall household debt was now 24.3% above the most recent trough in the second quarter of 2013.


REVENUE: SEPTEMBER REVENUES UP DUE TO FEDERAL SOURCES, INCOME TAXES, AND TRANSFERS
Jim Muschinske, Revenue Manager

Excluding $400 million in Treasurer’s Investments, base September revenues increased by $729 million. Federal sources were the largest contributor to the monthly gain as receipts jumped $330 million, continuing what has been a very uneven receipt pattern for that source. Both personal and corporate income taxes performed quite well, and September’s receipts were also bolstered by the timing of certain transfers.
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Excluding proceeds from the Treasurer’s Investment program, through September, base general funds receipts have posted gains of $1.211 billion. The increase has been driven by specific transfers [Refund Fund and Capital Projects Fund], stronger federal sources, and good performance from the larger economically related sources.