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* The Pew Charitable Trusts took its annual look at the fiscal conditions of all 50 states. Illinois is a mess, of course.
Since the the Great Recession began at the end of the fourth quarter of 2007, Illinois ranks 49th in personal income growth - a mere 0.9 percent. Sheesh.
Illinois did a bit better in that same time period, 38th, in percentage change of employment rates - a 1.5 percent reduction.
Illinois is third highest, after Alaska and Hawaii, for debt and unfunded retirement costs as a share of state personal income - 31.7 percent.
posted by Rich Miller
Thursday, Feb 2, 17 @ 10:24 am
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An income tax increase could bring us a long way in helping us reduce the personal income growth even more.
Comment by Straw Madigan Thursday, Feb 2, 17 @ 10:47 am
Luckily, state income and property taxes didn’t increase more than 0.9% combined over that time, right? /s
Comment by City Zen Thursday, Feb 2, 17 @ 10:48 am
I don’t think state government is a factor in personal income growth; it’s a big complicated global economy and Springfield is relatively small potatoes. For the most part, I think a “state economy” is a meaningless measure.
But unfunded government debt is the result of fiscal decisions by elected politicians and those who put them in office.
Comment by wordslinger Thursday, Feb 2, 17 @ 10:56 am
They must be counting Illinois’ compounding, three percent pension bumps in Nevada’s and Arizona’s stats for some reason.
Comment by Robin H Thursday, Feb 2, 17 @ 11:12 am
And reducing bargaining rights will increase personal income how?
Comment by A Jack Thursday, Feb 2, 17 @ 11:26 am
And the government prepares to steal that 0.9 away from the people…
Comment by Fabulous Thursday, Feb 2, 17 @ 11:30 am
Don’t worry, term limits will fix all of this. /s
Comment by Gruntled University Employee Thursday, Feb 2, 17 @ 11:42 am
Shoot, I am starting my taxes and just realized our gross income has increased 40% in the last 5 years.
Comment by Tone Thursday, Feb 2, 17 @ 11:45 am
Thanks to Obama, my family is nearly in the top 1% now.
Comment by Tone Thursday, Feb 2, 17 @ 11:48 am
He costs the state government has placed on our businesses through a workers comp system and tax and regulatory environment have depressed wages for middle class Illinois families. The the extra money that could go to middle class workers is instead going to sky high property taxes and workers comp premiums
Comment by Lucky Pierre Thursday, Feb 2, 17 @ 12:03 pm
The best way to have an good business climate is a well ran government with balanced budgets and certainty in operations. Once you have that in place you can certainly improve things with tax policy, regulations, investments, legislative changes, etc. MJM is right, like him or not, the number one problem facing the state of Illinois is the lack of a balanced budget. The budget will be solved in moderation with a balance of cuts and revenue.
Comment by facts are stubborn things Thursday, Feb 2, 17 @ 12:07 pm
But missing from the equation is median income. Illinois has one of the highest median incomes at 59k. second ranked inc growth texas has a median income of 56 k.
so states with lower paid people got bigger raises, but they make a lot less…… so would yoy rather make less money but get a big raise but your salary never gets to Il levels, or make more money then employees in all the other States but get a smaller raise.
Comment by Ghost Thursday, Feb 2, 17 @ 12:11 pm
with the bipartisan spending off the pension funds to pay bills and other investment snafus ..we’ll be there for a while…
Comment by pskila Thursday, Feb 2, 17 @ 12:12 pm
===debt and unfunded retirement costs as a share of state personal income - 31.7 percent.===
Thanks Grandma and Grandpa for demanding more in services than you were willing to pay for in taxes and then exempting your income from state income taxes!
Comment by Anon Thursday, Feb 2, 17 @ 12:46 pm
==have depressed wages for middle class Illinois families==
I’m sure term limits will make it all better
Comment by Demoralized Thursday, Feb 2, 17 @ 1:38 pm
Anon, if you want to tax a senior, try Bruce Rauner. He turns 60 this month. But most who live on on a fixed income from social security and possibly a pension, don’t need to be taxed. If they still reside in Illinois, it’s likely that they don’t have enough money to move to tax free Florida.
Comment by A Jack Thursday, Feb 2, 17 @ 1:51 pm
==But most who live on on a fixed income from social security and possibly a pension, don’t need to be taxed.==
Some might call a worker’s personal income growth of 0.9% over 8-9 years fixed income as well. Shall we exempt him from tax as well?
Comment by City Zen Thursday, Feb 2, 17 @ 1:59 pm
1. Why do some people always pick on the wrong people when they think about taxing? Squeezing gramps for more from his 40K income versus another percentage or so from someone with 10 times that? Hello? Math anyone?
2.So where has all the $ gone? Unfunded pensions. Where did the $ that was supposed to go to them, go? Mismanagement is a dumb word. I’d really like to see the money trail. Somehow I believe this $ and so much more didn’t go into any project at all. So where is it?
Comment by Anonymous Thursday, Feb 2, 17 @ 2:26 pm