|Illinois’ problems have been caused by political failure to embrace reforms that would bolster economic growth and bring debts under control. The state’s political leadership has racked up hundreds of billions of dollars in debts that likely can never be repaid, yet the General Assembly refuses to change course. Taxes have consistently gone up, debts are spiraling out of control, and yet the Illinois legislature hasn’t changed anything of substance.
More taxation is not the answer, and Illinoisans have had enough. Sixty-four percent of Illinoisans oppose another income tax increase as part of a budget deal, according to a May poll commissioned by the Illinois Policy Institute. More taxes would simply sink into a black hole of debt that politicians have shown no interest in fixing.
Illinois needs to choose a course of reform or accept the inevitability of state and municipal bankruptcy. 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.
It’s time to change course, or Illinoisans will continue to change their residence to other states. Until the state adopts meaningful reform, Great Depression economic growth will be the norm in the Land of Lincoln.