Great Recession

Metropolitan area jobs crisis continues

By Michael Lucci
04/10/2014
Illinois’ 10 largest metropolitan areas continue to be plagued with joblessness, according to a release by the Bureau of Labor Statistics. This news comes on the heels of no monthly improvement in the state jobless rate, which at 8.7 percent is 2 points higher than the national average. Illinois has the second highest jobless rate...

Quinn reneging on ‘temporary’ tax hike cowardly, dishonest

By Jonathan Greenberg
04/03/2014
Gov. Pat Quinn began his recent op-ed in the Chicago Tribune with a couple of quotes. In that spirit, I’ll do the same. Cowardly Lion: “What makes the sphinx the seventh wonder? Courage! What makes the dawn come up like thunder? Courage! What makes the Hottentot so hot? What puts the ‘ape’ in apricot? What...

TAGS: income tax, Pat Quinn

401(k)s are better than politician-run pensions

04/03/2014
Opponents of pension reform in Illinois are quick to malign self-managed accounts, such as 401(k)s, as too risky for government workers. They claim that workers are better off with pensions paid for and run by the government, as if that somehow makes them more secure. But there are three key problems with that argument. The...

Illinois’ comeback: The real facts

By Benjamin VanMetre
03/26/2014
JOB CREATION: Since 2010, Illinois has recovered only 215,800 jobs, which is 42,000 fewer than Gov. Pat Quinn’s claim of 257,400. More importantly, Illinois is the only state in the Midwest that had fewer payroll jobs in January 2014 than it did when Quinn took office in January 2009. UNEMPLOYMENT: Illinois has the second-highest unemployment...

Millions that migrate

By Michael Lucci
03/26/2014
House Speaker Mike Madigan has proposed an extra tax on million-dollar incomes. His proposed legislation, HJRCA51, would amend the Illinois Constitution to impose an additional tax of 3 percent on income over $1 million. This tax won’t touch any millionaires who don’t want to pay it. They’ll simply leave, and they are well-equipped to do so. The middle...

TAGS: millionaire tax, progressive income tax

Illinois has the highest jobless rate in the Midwest

By Michael Lucci
03/10/2014
Illinois has the highest jobless rate in the Midwest, and the third-highest in the nation. But not only that. Illinois’ jobless rate has gone up more in the last five years than any other state in the nation.   Despite this dismal record, cheerleaders for the state government cite various studies to support a claim...

TAGS: jobs, Midwest, unemployment

What’s behind Illinois’ employment collapse?

By Michael Lucci
02/24/2014
A smaller and smaller percentage of adults are working to support the entire state population. Why does this matter? Because a booming economy provides the benefits of opportunity and upward mobility. But not only that. Growing the number of taxpayers is essential for funding core government services and pension bills. The only other tools legislators...

January U.S. nonfarm payrolls miss expectations

By Michael Lucci
02/07/2014
Nonfarm payrolls increased by only 113,000 in January, compared with an average of 194,000 per month in 2013 and The Wall Street consensus expectations of 180,000, according to the report from the U.S. Bureau of Labor Statistics. December’s disappointing payroll number was revised up only to 75,000 from 74,000, leaving the U.S. with consecutive ugly...

TAGS: jobs, unemployment

Illinois has second-highest rate of outbound migration in country

By Michael Lucci
01/27/2014
Why do moving companies love Illinois politicians? Because they keep a heavy traffic flow moving out of Illinois. At the end of each year, moving companies release annual migration trends data based upon a compilation of customers who move in and out of different states. United Van Lines is the largest mover in the country,...

TAGS: outmigration, population

Unemployment rate falls to 6.7% in December on Americans leaving the work force

By Michael Lucci
01/10/2014
The national unemployment rate declined to 6.7 percent in December, down from 7 percent a month earlier, according to the latest report from the U.S. Bureau of Labor Statistics. Payroll jobs increased a paltry 74,000, below consensus estimates of 200,000. November payroll gains were revised up from 203,000 to 241,000. Despite the huge miss in...

TAGS: jobs, unemployment