Monday, October 13, 2014

QuinnFail: Illinois still seven years away from full jobs recovery

Abandoned Illinois factory
What this article from the Illinois News Network leaves out is that Governor Pat Quinn wants to make the his massive "temporary" income tax hike permanent. That could add a few more years to this so-called recovery.
It will take Illinois at least seven more years to fully recover from the 2008 recession, according to new numbers released this week.

There are 300,000 fewer Illinoisans working today than in 2008 when the Great Recession began, says data from the Bureau of Labor Statistics. While 25 states have fully recovered their losses from the recession, Illinois remains the furthest away from full recovery than any state in the country.

Since the technical end of the recession in 2009, Illinois has experienced some of the worst employment recoveries and economic growth rates in the country, the BLS numbers indicate, and the jobs lost from 2008-2009 won’t be fully gained back until 2021, 12 years after the recession ended.

To explain the slow growth, Vice President and COO of the Illinois Manufactures Association, IMA, Mark Denzler says the state has, over the course of several years, created an unfriendly business climate that stifles progress. IMA is a business and manufacturing industry advocacy group.
A new governor could kickstart a real recovery.

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