Skip to comments.Obama's Illinois Imploding
Posted on 08/25/2011 1:39:22 PM PDT by Kaslin
I don’t know if you saw this with all the news yesterday. Illinois lost 89,000 jobs since enacting the largest tax increase in the history of the state, as reported by the Illinois Policy Institute.
It was the largest job loss of any state in the nation.
Democrats will blame it on a poor economy. The truth is, higher taxes change behavior. Combine that with the fact that Illinois pols have given tax waivers to some large companies. John Deere ($JD), Motorola Mobility ($MOT, $GOOG), Sears, and others have gotten roll backs on the tax. So, like most tax levies it falls on small businesses and medium size companies.
Motorola Mobility promised to hire people for the tax rollback. Now that they have been purchased by Google, that promise goes out the window. Say goodbye to those jobs.
There is no doubt, other companies are exploring a move from Illinois. Recall that the Democratically controlled Illinois legislature didn’t just raise the corporate income tax, but they killed internet businesses too.
One major company, $CME, that actually has to pay it’s taxes said on the latest earnings call that they have had discussions with other states. I wouldn’t blame CME one bit for leaving. They can increase their earnings 9% simply by moving. I am one shareholder that endorses the move.
But, it’s not only taxes that are killing business and jobs in Illinois. It’s also regulation. Illinois is one of the most regulated states in the US. Recently, Mayor Rahm Emanuel, Obama's fromer chief of staff, and the Chicago City Council passed a regulation designed to get banks to pay more on foreclosures. The net effect of the new ordinance will be to increase the costs of loans to Chicagoans, and decrease the availability of credit to them.
What a great way to solve a housing crisis!
There has been a big “love in” all over Chicago with regard to Mayor Emanuel’s first 100 days. The reality is, there has been a lot of talk and no action. Taxes haven’t been decreased. Pension costs haven’t been trimmed.
New Jersey Governor Christie did more in his first week than Emanuel has. But, if you were expecting change under Mayor Emanuel, you were clearly mistaken. It’s more of a re-arranging of deck chairs on the Titanic.
I don’t doubt that the Democratic politicians love their state and city any less than anyone else. It’s just they have a funny way of demonstrating that love. Higher taxes and more regulation that increase costs to the citizens is more like abuse.
In economics, we call that limiting freedom.
If someone knows how to contact Ben Stein...please show him this chart. He has had the audacity to claim that higher tax rates have absolutely no affect on growth...
And I'm going to laugh, and laugh, and laugh....
Elections have consequences...
But we Hoosiers DO THANK Illinois Democrats for sending us all those fleeing jobs.
But those idiots shouldn't for one minute think the Democrats couldn't do to Chicago what they did to Detroit.
I’m sure the folks in Kenosha wouldn’t mind some new businesses. It may not be practical to move all the employees out of the state, but the commute from the Far North suburbs is actually quicker than going downtown.
May I come over?
“When all those LINK cards stop working I’m going to sit in my back yard with a fine cigar and three fingers of bourbon on ice and watch the rosey glow in the eastern sky as the west and south sides of that City go up in flames.
And I’m going to laugh, and laugh, and laugh....”
When the filthy rich downtown Liberal Democrats get a REAL lesson in what “Wealth Redistribution” really means.
It amazes me how smart Ben Stein is at times, and then at other times, he has no clue to what he is talking about.
I really liked his movie, “Expelled: No Intelligence allowed.”
Wish more people could think consistently, like Evan Sayet! He really gets it!!!! Stein has a ways to go, yet, to develop his logic.
I'd make really, really sure I had a couple of pre-scouted escape routes out of there my friend. And if you can make it to north central DuPage County you'd be welcome to share my firepit and bourbon and enjoy the show.
First there was hope, now there is change.
I hear ya. And it will prolly happen just like that, too.
I’m 40 miles West of you then, And I should be able to see it from here as well...
He's a friggin' joke. Bloomberg's not much better though....
Yep, everything going according to THE plan.
We have family in Marengo.
When all those LINK cards stop working...
Try paying cash as a tourist. We had the toll takers short change us twice on the way to Marengo. I had driven there that day from New York through downtown Chicago. It was late at night; there was no rush and no excuse. I've never felt so systematically ripped off on any other road system. "Interstate" highways no less.
If you put these stats, facts, charts on Ill. news sites in every urban center, it would not change a thing. Ill. will vote Dem till the last taxpayer dies. Lemming voters like in Ca. do not like facts. They like multicultural lies and smears of anything that pertains to Pubs, tax cutters, spending cutters and entitlement cutters. Ill. will implode like Ca. and still they will vote Dem.
I’m right by the Indiana line, and relative civilization. Knowing my neighbors, a lot of them won’t go down without a fight. We’re moving out of the city next summer, so if things can hold out until then......
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