In February 2017 Illinois surpassed its previous jobs peak from September 2000. However, long-term problems could potentially hamstring further jobs growth if left unaddressed.
The car manufacturer is promising to bring more than 1,000 jobs to Normal, Ill., after being offered $49.5 million in state tax credits and more in local tax credits and abatements.
The status quo isn’t working for Illinois; the state needs serious reforms to get its spending under control, pay down its debt, and rein in the taxes that are driving its people across state lines.
New Illinois jobs data reveal a state with thousands of job losses, unemployment rising to 5.7 percent, a collapsing manufacturing sector, and several downstate communities sliding back into recession — all of which make the Illinois Senate’s new tax hike proposal especially harmful.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.