Let us dwell upon this year’s ranking of Illinois as among the worst states for business: 48th out of 50. That is unchanged from last year.
So people are leaving: “Illinois had the second-highest net domestic migration loss, sending 79,000 of its residents to other states. Illinois had ranked 49th in net domestic migration in the previous decade, with a 615,000 loss. Unlike the other biggest losers, New York and California, the Illinois rate in the single year of 2011 exceeded its annual rate of net domestic migration loss between 2000 and 2009.”
And they are moving to the more business-friendly states: “Texas and Florida have the highest net migration of people to their states from 2001 to 2009. (By contrast, New York and California lost over 1.6 million and 1.5 million in net migration out of the states, respectively, over the same period.)”
A harsher business climate means fewer business start-ups. That means less employment. That means less individual income. That means net migration of people out of the state and lower living standards for those who stay. It also means less tax income for government, which means even worse budget crunches.
Speaking of which: here is a Richard Lorenc chart, based on data from the Institute for Truth in Accounting, comparing Illinois’ per capita debt with it neighbors’:
Add to that Illinois’ notoriously corrupt political class. Four recent Illinois governors have gone to prison, Rod Blagojevich only being the most recent.
So I suggest again this new motto for Illinois:
Illinois: Where governors go to jail and business can go to hell.
Not that I am ticked off or anything.