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A new University of Illinois Institute of Government and Public
Affairs report shows how growth in the state has slowed to a
crawl, though some researchers insist that, on the whole, it
continues to build.
With the report pointing to such data as inflation-adjusted
rates of corporate earnings, consumer spending and personal
income as some of the most key indicators, Caulkins also
highlights how in July the state’s so-called Flash Index dipped
for the fourth straight month.
“I find it hard to believe that the Illinois economy is growing
when we're losing population and the population that we're
losing is essentially taking their wealth with them,” Caulkins
told The Center Square. “How does your economy grow when your
unemployment is high? I don't know how you grow your economy
when your population shrinks and the net worth of your state is
going down by billions.”
All the data comes at a time when the state unemployment rate
jumped to 5.2% in July, nearly a full point above the national
average and tied with California for the second highest rate in
the country.
Caulkins adds lawmakers in Springfield have no one to blame but
themselves for all the state’s struggles.
“The problem is we have anti-business policies in place that
discourage growth in this state,” he said. “I think our real
problems are the cost of doing business in Illinois is very
high. The barrier to entry is very high for people that want to
start a business and the cost of running a business is high. I
think it could be fixed; it's just that the Democrats have shown
no desire.”
Caulkins said making the decision to leave Illinois is a hard
one for residents and businesses alike, but in the end more and
more individuals are deciding to go in that direction in the
name of pure survival.
“All these companies that are leaving or have left, I honestly
don't think they wanted to leave,” he said. “I mean they have
established a presence here and they're part of communities, but
when you can't turn a profit, when what you're doing isn't
making money for your shareholders you have to go somewhere
where your company can flourish. People are leaving because the
jobs are leaving and it's the business climate here.”
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