Illinois economy still needs a lot of work, GOP lawmakers say

[May 01, 2023]  By Andrew Hensel | The Center Square

(The Cenyer Square) – Gov. J.B. Pritzker says his administration has made strides in shoring up the state's financials and improving its overall ecomony. Some lawmakers argue there is much more work to be done, however.

Pritzker attended Business Day hosted by the Illinois Manufacturers Association and the Illinois Retail Merchants Association and spoke about the Illinois economy and ways to grow business throughout the state.

"Just a few months ago, Illinois' economy passed $1 trillion in GDP. We are the fifth state in the nation to reach that milestone. It's a big deal," Pritzker said. "We are now second in the nation for new corporate investment per capita."

The governor discussed the importance of building a solid work force and said he has been working with the Illinois General Assembly to pass measures.

"I have worked with the legislature to get some things done that have, I think, made a real difference," Pritzker said. "We have passed incentives for electric vehicle OEMs and suppliers, we have created attractive new tax benefits for chip manufacturers, we have launched a closing fund to make Illinois one of the most attractive places in the country for companies that are outside of Illinois to come to."

Republican lawmakers say things are not as good as Pritzker has led on.

State Rep. Mike Marron, R-Fithian, told The Center Square that any improvements Pritzker mentioned have been off the backs of Illinoisans.

State Rep. Mike Marron, R-Fithian, during a news conference in Springfield, Illinois
Greg Bishop / The Center Square

"The thing I think is disturbing is that we may be in a good situation fiscally right now, but that's been on the backs of hard-working men and women in the state of Illinois and people on fixed incomes who have seen their cost of living go up," Marron said. "I think the governor is kidding himself or living in a fantasy world if he thinks everything is great out there."

Illinois also has the nation's highest pension debt, with some placing it at over $200 billion.

State Rep. Adam Niemerg, R-Dieterich, said the state would continue to struggle if they do not address the massive debt.

"25 cents of every dollar goes to pay public sector pensions in the state of Illinois, and this is funded by taxpayers," Niemerg said. "People are seeing this, they are seeing that this has a cause and effect, they are seeing that high taxes have a direct correlation to unfunded pension liabilities, and it's a major, major problem."

Along with the nation's highest unfunded pension liabilities, Illinois residents deal with some of the country's highest tax rates and have seen businesses like Walmart, Boeing, McDonald's, and Citadel leave the state in the past few years.

Andrew Hensel reports on issues in Chicago and Statewide. He has been with The Center Square News since April of 2021 and was previously with The Joliet Slammers.