Sangamon Sun

Illinois makes the Great Depression look like a promising economic time in terms of job growth, according to the Illinois Policy Institute.

On the group's website, Michael Lucci, the vice president of policy, argues that there are more unemployed Illinoisans today than 10 years ago, and Illinois' gross state product (GSP) has barely increased above 4 percent in the past decade. He compares that to the U.S. gross domestic product (GDP) during the country's Great Depression, which had increased by almost 10 percent during the era's worst decade, 1930 to 1939.

"Millions of Illinoisans are feeling the brunt of the state’s economic pain and financial meltdown in the form of joblessness and hopelessness," Lucci wrote. "Too many families are dealing with unemployment and underemployment, and too few are able to find their dream jobs in the Land of Lincoln. In fact, Illinois’ economic growth is worse than during the worst years of America’s Great Depression."

Vice President of Policy Michael Lucci | https://www.illinoispolicy.org

In 1933, the U.S. GDP was at -1.3 percent, whereas Illinois' GSP was at -2.6 percent in 2009, Lucci wrote.

The economic funk is the result of bad decisions made by state politicians, Lucci contends. Lawmakers raised state personal income tax by 67 percent in 2011, followed by a hike in local property and sales taxes. Lucci said the taxes were upped to combat the state's large pension and retiree health care debts, as well as uncontrolled spending on government payrolls.

"Illinois’ debts are spiraling out of control, its bonds are headed for junk status, and politicians have responded by repeatedly raising taxes," Lucci wrote. "The debts need to be brought under control because good job opportunities, economic growth and income-earning power are fleeing the state. That’s why Illinois has the worst personal income growth in the entire country – tied only with Nevada – over the Great Recession era."

Illinois also has been losing people and business. The U.S. Census Bureau found that the state's population is down by 78,000 over the past three years as residents head elsewhere for better economic opportunities. One Illinois resident moves to another state every 4.6 minutes, according to research by the Illinois Policy Institute.

"Illinois’ governing class has failed to make the state sustainable for future generations," Lucci wrote. "Illinoisans are fleeing the state, and millennials – made up of college students and young working adults – are getting out fastest."

Lucci argues that more taxes will not the cure the state's ills – such as its billions of dollars in debt that will likely never be repaid, he said. He warns that until lawmakers get the state's debts and taxes under control, Illinois' economy will continue to fail and its residents will continue to flee.

"Illinois needs to choose a course of reform or accept the inevitability of state and municipal bankruptcy," Lucci wrote. "The state is bleeding red ink and will continue to do so until lawmakers bring debts under control. The state’s economy is struggling under the current burden of debt, taxation and regulation; more of the same will inevitably fail."