The two months since the election have been the Land of Lincoln’s best stretch of employment growth in the post-recession era. But the state’s sudden job-creation steam will run out without a healthy fuel of economic-reform policies.
Illinois’ state-government compensation ratio – in other words, what state employees are paid relative to the state’s private-sector workers – is two-thirds higher than the national average.
For Illinois’ downstate communities that have felt the pain of out-migration and need to revitalize their industrial base, a local Right-to-Work ordinance can be their first step to a comeback.
Among the changes is a new posting requirement that provides only a one-hour notice before a committee hearing, diminishing transparency and accountability.
Utah passed a 401(k)-style reform plan in 2011. The state’s pension funds had a 50 percent chance of becoming insolvent by 2028 prior to the state’s reform plan – but the reform dropped that chance to 10 percent.
The Amazon tax is estimated to bring in more than $200 million in additional annual tax revenue to the state, an amount that is likely to grow. This provides a perfect opportunity to repeal Illinois’ death tax to offset the new revenue growth.
Illinois’ tax code stands in the way of the state’s economic competitiveness. The combination of high tax burdens and a poor tax structure contributes to the loss of jobs and investment to other states. From a place of former economic dominance, Illinois now ranks 45th in gross state product (GSP) growth over the past decade...