Illinoisans ‘ought be concerned’ report ranks IL 45th for economic outlook
(The Center Square) – A tax and fiscal policy task force director says Illinois residents ought to be concerned about the state’s low rankings in a new report.
The American Legislative Exchange Council’s Rich States Poor States report ranked Illinois 45th for economic outlook and 49th for economic performance.
Joshua Meyer, director of the tax and fiscal policy task force at the ALEC, said Illinois is missing out on growth that is happening in other states.
“That’s something that residents of Illinois perhaps ought to be concerned about. What opportunities for growth are their local economies missing out on because of the state’s policies?” Meyer told The Center Square.
Meyer was asked about Gov. J.B. Pritzker’s statements touting the state’s growth.
“The fact is that more people are leaving Illinois than any state except California and New York. And the state is bottom 10 for GDP growth and bottom 10 for job growth,” Meyer said.
“When you look at these averages of these broad economic rankings, broad economic indicators, it’s pretty clear that Illinois is among the bottom states in the country,” Meyer said.
Meyer said Illinois has not seen much improvement across the report’s 15 competitiveness variables.
“Unfortunately for people in Illinois, over 19 years, it’s a state that’s been stuck in the bottom 10 with little sign of moving anywhere out of that bottom ten,” Meyer said.
He said the state could drop further if it implements a graduated income tax or millionaire’s tax.
Aside from the 23rd-ranked personal income tax rate and a ranking of 17th for personal income tax progressivity, Meyer said Illinois does not have much room to fall.
“Why is the state facing fiscal troubles from declining numbers of taxpayers? It’s because, well, these policies don’t change,” Meyer said.
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