By Ted Dabrowski -
Moody’s Analytics puts Illinois in dead last for job creation this year, predicting the state’s payroll job numbers will only grow 0.98 percent. That’s an increase of only 57,000 jobs.
Moody’s individual June 2013 report on Illinois says the state is “underperforming the lagging Midwest in most economic indicators, including employment.”
The report reaches the conclusion that the state’s recovery is “sputtering” and won’t reach pre-recession employment levels until 2015, a year after the rest of the nation.
This Moody’s report indicates how poorly Illinois has encouraged economic recovery and job growth.
The state has the fourth-highest unemployment rate in the nation, and spent most of last year with the second-highest rate. More than 565,000 Illinoisans are unemployed and 1 million are unemployed or underemployed.
And rather than changing course and enacting pro-growth reforms like other states continue to do, Illinois is following the same failed economic policies it always has. High taxes, burdensome regulations and massive spending and borrowing have left the state with the worst credit rating in the nation, more than $7 billion in unpaid bills and the worst pension crisis of any state.
The result: Illinois is being left behind as the rest of the nation improves. Already Illinois’ unemployment rate is 1.7 percentage points above the national average. If Illinois continues to stagnate, that disparity will continue to grow.
It’s no wonder so many people and businesses are leaving, or not coming here in the first place.
Ted Dabrowski is Vice President of Policy at the Illinois Policy Institute