Illinois: Are we living in a state in decline or a state going in the right direction?
Consider the issues we face as citizens:
*IL State Budget: Current deficit is $2.1B, rising to $5.1B by 2031, unless spending reforms are enacted to bend the arc of deficits. The annual funding of IL pensions requires 25% of the state budget, and will remain at that level for decades. The national average for annual funding of pensions by fifty states is 5.11% of the state budget.
*IL Taxes: IL ranks seventh in highest state taxes on citizens, consuming over 10% of household income to fund government services, payroll, debt obligations and public sector pensions.
*Illinois local governments (3,000+ counties, municipalities, townships, and 13,000+ school districts) carry $184 billion in total debt liabilities. Add the state debt of $223B, the combined total is $407B. IL ranks number two out of fifty states for total debt. IL will spend the rest of the 21st century dealing with debt issues, driven primarily by Pension debt.
*IL Economy: IL, the nation’s fifth largest state as an economy, ranks 44th in economic growth, underperforming the needs of the taxpayers
*IL Jobs: IL ranks 45th out of fifty states for annual job growth in the private sector
*IL Business: In 2015, Chicago had 54K businesses operating. Today it has 44K, a loss of 20%. Jobs and taxes lost due to adverse business climate of IL taxes and policies
*IL Home Ownership: home appreciation since 2000 ranks IL last out of fifty states, with 13% growth in value (adjusted for inflation). The national average for fifty states in the same period is 70.9% (adjusted for inflation). Homeownership in IL is a massive loss of an investment opportunity for every family compared to the returns achieved by all other states in the USA.
Conclusion: For the past few decades, the political leadership of IL has completely failed to manage the affairs of our state to enable families to thrive and prosper over time.
For sources of data noted, as well as more information on the plight of IL, select topics of interest below.
