On September 18, 2012, the 4% Growth Project and the Illinois Policy Institute hosted a conference in Chicago, Illinois, on tax competition and...
On September 18, 2012, the 4% Growth Project and the Illinois Policy Institute hosted a conference in Chicago, Illinois, on tax competition and economic growth. The Illinois Policy Institute produced a brilliant fact sheet for the event, showing that Illinois ranks 48th out of the 50 states in economic performance. The fact sheet is reproduced below. Illinois’ state debt:
- Illinois' total state debt is $271 billion
- Illinois' state debt has ballooned to $51,000 per household
- Illinois has roughly $8.5 billion in unpaid bills
- Illinois will spend more on pensions than on education by 2016
Illinois’ economic performance:
- 39 states have a lower unemployment rate than Illinois
- It will take 43 months for Illinois’ unemployment rate to recover to its pre-recession low, given the current pace of job creation and assuming no growth in the labor force
- Unemployment in Chicago is stalled at 10.5%
- Illinois is 47th in job growth
- Illinois is 48th in economic outlook
- Illinois is 48th in economic performance
- Illinois is 48th in net domestic migration
- Illinois is 48th in average workers’ compensation costs
- The rate of entrepreneurship in Illinois has been below the national average every year since 1996, with the exception of 2001
- Chicago is tied with Detroit for the worst entrepreneurship rate among the 15 largest metropolitan areas in the country
- Illinois has had 12 credit downgrades since 2008
- Illinois has more units of local government than any other state in the nation
- Illinois hiked state income taxes by 67%
- Rate of entrepreneurship below national average last 15 of 16 years
- Worst credit rating in the nation
- Illinois has had 12 credit downgrades since 2008
- Illinois' unemployment rate is 9.1%
- Illinois unemployment has increased for three straight months
Illinois’ pensions:
- Illinois has the worst funded pension in the nation
- Illinois' pension inaction costs the state $18 million per day
- Illinois pension funds need 19 percent annual investment returns in order to pay for the promised benefits
Illinois’ health care:
- Medicaid reimbursement rates are among the worst in the nation
It's no surprise Illinois loses 1 resident every 10 minutes.