The Illinois Economy
Another financial assessment to make news comes from the Illinois Policy Institute (IPI), an independent public policy research center. IPI’s report evaluated Illinois’ economy on unemployment, economic opportunity, taxes and business regulations.
Key findings include:
- Illinois is experiencing the worst-in-nation employment recovery since the Great Recession.
- 236,000 fewer Illinoisans working today than when the Great Recession began.
- Illinois is one of the nation’s leading out-migration states.
- The state’s over-regulated and uncompetitive business climate has triggered a shortage of work opportunities.
- Illinois has the nation’s most severe pension crisis. State government’s public pension debt tops $111 billion. Local governments face a similar pension debt problem.
- Illinois has the highest average property taxes of any state
- State-mandated work rules raise the cost of hiring and shrink employment opportunities.
In the 1990’s, Illinois was among the leading states for business expansion and job growth and it’s essential that after 12 years of failed policies, Gov. Rauner’s ideas to revive Illinois’s economy, lower the burden of taxes and regulations, make government more efficient and responsive be given a chance. Other states, such as neighboring Indiana, have made similar changes with success.