Report: Illinois among the states least prepared to weather a recession
A new report says Illinois is one of the least prepared states to handle a downturn in the economy.
The report was released Monday by Moody's Analytics, claiming that 28 states have enough cash on hand to survive a moderate recession without having to resort to spending cuts or tax hikes.
An additional 12 states are only slightly short, meaning they also could likely avoid taking drastic financial measures.
Illinois, Louisiana and Kentucky as the states were named among the least prepared states to weather a potential recession.
Moody's Analytics based its conclusions on the amount of savings that would be necessary to cover a likely decline in state tax collections and increase in state Medicaid expenditures if a recession were to occur.
The report is not forecasting a recession in 2020.