Illinois competitiveness: ChiefExecutive.net ranks state 48th best for business
by Ted Dabrowski Illinois politicians can’t hide from their decade-long policy failures. Jobs are scarce, as evidenced by the state’s 9.5 percent unemployment rate. That’s second worst in the nation, according to the Bureau of Labor Statistics. The state’s finances are in shambles and Illinois now pays the highest penalty rate for borrowing when compared to other states....
by Ted Dabrowski
Illinois politicians can’t hide from their decade-long policy failures.
Jobs are scarce, as evidenced by the state’s 9.5 percent unemployment rate. That’s second worst in the nation, according to the Bureau of Labor Statistics.
The state’s finances are in shambles and Illinois now pays the highest penalty rate for borrowing when compared to other states. Credit agencies rate Illinois as the nation’s worst credit risk.
The state’s pensions are undisputedly the worst funded in the nation. State contributions to government worker pensions are squeezing out spending for core government services. The state’s very solvency is at risk.
All those failures aren’t going unnoticed by the people who create jobs and invest billions across the country.
ChiefExecutive.net’s 2013 Best and Worst States for Business, which surveys CEOs across the nation, found Illinois in the basement, at 48th.
That’s a bad omen for Illinoisans who are looking for strong economic growth to improve their lives and those of their families. While they may have hope that conditions will eventually get better in Illinois, at some point real opportunities just over the border will trump hope. Indiana ranked fifth best in the ratings, while Wisconsin ranked 17th.
States are becoming more aggressive in the competition for business and investment. They are doing that by lowering taxes, passing Right-to-Work laws that give workers freedom and reducing burdensome regulations.
Illinois is doing the opposite and its people are paying the price.
One CEO’s quote:
“Illinois — a complete and utter disaster when it comes to fiscal management. The inability to address key issues that are driving debt and instead increase the tax burden on businesses AND residents is mind-boggling. This is precisely why I intend to move my company to FL or TN.”
It is possible for Illinois to become a better state for business. There are solutions to Illinois’ problems that do not involve higher taxes, increased borrowing and greater spending. The Illinois Policy Institute has laid out a path for the state budget that will restore prosperity and competitiveness to Illinois.
There is hope.