Moline, Ill.-based agricultural equipment maker will cut more than 100 jobs by September; Illinois’ manufacturing workers continue to struggle for job opportunities enjoyed by their counterparts in the region.
Weak jobs numbers across the Midwest reflect the possibility of an oncoming economic slowdown. In fact, it would not be surprising to face a recession in the upcoming months, given that U.S. jobs growth has been weakening, and it has been seven years since the previous recession ended – a long period of expansion by historical norms.
News that Wrigley has started producing Skittles in Illinois has many excited – until they learn just how much Illinois gave in tax incentives to lure 75 new jobs.
There’s a reason new facilities aren’t being built in Illinois: In too many cases a business investment in Illinois doesn’t make financial sense unless Illinois taxpayers are paying for a chunk of the project. This system isn’t good for businesses, or for workers and unions that are losing jobs. Until Illinois makes the broad tax and regulatory reforms needed to compete for blue-collar jobs, businesses are going to keep expanding elsewhere or asking for tax breaks to come here.
In the majority of Illinois’ large cities, the number of people moving to another part of the country is greater than the combined gains from more births than deaths and international immigration.
Illinois has the lowest credit rating among the 50 states, forcing taxpayers to pay hundreds of millions of dollars more in borrowing costs than residents of states in better fiscal condition.