Kane County Reporter

State Rep. Martin McLaughlin (R-Lake Barrington) shared a recent study that has found that Illinois' economy is doing worse than those of its neighboring states.

The study, from The Center Square, found that the state’s economy ranks 32nd overall, lagging behind neighboring states, with Minnesota and Iowa placed in the top 20 and Wisconsin coming in at 27. According to the website, the data examined 30 different factors, including economic growth, GDP growth and startup activity. McLaughlin highlighted the need to address the issues in a Facebook post. 

“Illinois can become a leader in economic opportunity but that means we have to implement policies that promote investment, encourage innovation and make life affordable again for all our residents,” he said in the post.  

In a separate report, Illinois Policy reported that WalletHub found that the tax burden placed on Illinois residents is the highest in the nation, with households in the state paying $9,488 in taxes annually, 39% above the national average. The report also noted that the state is burdened with the largest pension debt in the county, and as a result a large chunk of the revenue generated through taxes goes to pay on the debt, resulting in many of the issues that McLaughlin pointed out on Facebook.

“With all the resources that Illinois has, both in terms of technology and workforce, AND with Illinois being a critical Midwest transportation hub, the only reason that our state lags economically is due to anti-business, anti-competitive policies at the state level,” he said in the post. 

According to data from Statista, three years ago, Illinois had the fourth highest outstanding government debt in the nation, at $165.1 billion, trailing only California, New York and Texas. 

Moreover, the Statista report noted that 44 states and Washington, D.C. have debts below $100 billion. 

According to a report by Forbes, a government saddled with a ballooning debt can see inflation increase. The publication noted inflation also can drive uncertainty among investors, which can dampen economic growth.