{"id":34026,"date":"2018-05-07T07:22:43","date_gmt":"2018-05-07T12:22:43","guid":{"rendered":"http:\/\/olduvai.ca\/?p=34026"},"modified":"2018-05-07T07:22:43","modified_gmt":"2018-05-07T12:22:43","slug":"illinois-politicians-are-doubling-down-on-failure","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=34026","title":{"rendered":"Illinois Politicians Are Doubling Down on Failure"},"content":{"rendered":"
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Illinois Politicians Are Doubling Down on Failure<\/a><\/h3>\n
In the face of a fleeing population, politicians in Illinois are doubling down on the policies that are driving people away in the first place.<\/strong><\/div>\n<\/div>\n
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When\u00a0I did a poll earlier this year<\/a>, asking which state would be the first to suffer a fiscal crisis, I\u00a0wasn\u2019t terribly surprised<\/a>\u00a0that Illinois wound up in first place.<\/p>\n

But I was surprised by the margin. Even though there\u2019s a good case to be made for basket-case jurisdictions such as\u00a0New Jersey<\/a>,\u00a0California<\/a>, and\u00a0Connecticut<\/a>, Illinois not only got a plurality of votes, it received an absolute majority.<\/p>\n

Based on what\u2019s happening in the Land of Lincoln, it appears that state politicians want to receive a supermajority of votes. There\u2019s pressure for ever-higher taxes to finance an ever-more-bloated bureaucracy.<\/p>\n

And taxpayers are\u00a0voting with their feet<\/a>.<\/p>\n

The\u00a0Wall Street Journal<\/em>\u00a0editorialized<\/a>\u00a0about the consequences of the state\u2019s self-destructive fiscal policy.<\/p>\n

Democrats in Illinois ought to be especially chastened by new IRS data showing an acceleration of out-migration. The Prairie State lost a record $4.75 billion in adjusted gross income to other states in the 2015 tax year, according to recently IRS data released.\u00a0That\u2019s up from $3.4 billion in the prior year. \u2026Florida with zero income tax was the top destination for Illinois expatriates\u2026 What\u2019s the matter with Illinois? Too much for us to distill in one editorial, but suffice to say that exorbitant property and business taxes have retarded economic growth. \u2026Taxes may increase as Democrats scrounge for cash to pay for pensions. \u2026Illinois\u2019s unfunded pension liabilities equalled 22.8% of residents\u2019 personal income last year, compared to a median of 3.1% across all states and 1% in Florida. \u2026Illinois\u2019s economy has been stagnant, growing a meager 0.9% on an inflation-adjusted annual basis since 2012\u2014the slowest in the Great Lakes and half as fast as the U.S. overall. This year nearly 100,000 individuals have left the Illinois labor force.<\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

Illinois Politicians Are Doubling Down on Failure In the face of a fleeing population, politicians in Illinois are doubling down on the policies that are driving people away in the first place. When\u00a0I did a poll earlier this year, asking which state would be the first to suffer a fiscal crisis, I\u00a0wasn\u2019t terribly surprised\u00a0that Illinois […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[14989,19708,14323,14991,20064,9989,20063,637,783],"class_list":["post-34026","post","type-post","status-publish","format-standard","hentry","category-economics","tag-daniel-j-mitchell","tag-fee","tag-fiscal-policy","tag-foundation-for-economic-education","tag-high-taxes","tag-illinois","tag-interstate-migration","tag-politics","tag-taxes"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34026","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34026"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34026\/revisions"}],"predecessor-version":[{"id":34027,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34026\/revisions\/34027"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}