“Socialism is the great fiction, whereby everyone endeavors to live off of everyone else.” Frederic Bastiat
NEWS: “Caterpillar is leaving The People’s Socialist Republic of Illinois to build a new plant in GA.”
“Governor Quinn of Illinois still doesn’t seem to get why Caterpillar would choose Georgia over Illinois for a new plant that will provide good paying jobs for over 1,000 employees and their families. Let’s see…
- CEO Magazine rated Illinois in 48th place in their best/worst places to do business in America.
- Illinois just raised the corporate tax rate by 46%–and state finances are still horrible. Companies now have to pay a 7% corporate tax rate (ostensibly for the next four years), up from the previous 4.8%. And Illinois businesses are already subject to a 2.5% surcharge.
- The personal income tax rate was raised by 67% again, ostensibly for just four years.
- An unwillingness to tackle difficult, structural fiscal problems.
- A serious entitlement mentality, instead of an opportunity mentality.
- Rotten legal and regulatory environment.
- Rated one of the most corrupt states and has more governors doing jail time than not.
- A consistently combative union environment.
“Deficit spending ballooned under former Gov. Rod Blagojevich, the state’s second governor in a row to be sentenced to prison for corruption. Since he left office, Illinois has not seriously grappled with the left-over spending problem, which includes a thorny pension obligation. Instead, Democratic Gov. Pat Quinn signed a large tax hike bill. ‘We’ve taken $7 billion out of the pockets of the private sector and put it in government,’ said state Sen. Kyle McCarter, an opponent of the tax measure. ‘[Families] lost a week’s pay. That’s a lot of groceries.’ Ted Badrowski of the Illinois Policy Institute says the state’s political leaders ‘knowingly haven’t cut costs.’ Richard Siemer says, ‘What concerns me most is that the government of Illinois, broadly speaking, seems incompetent.’” Joel Hannahs, World magazine, March 10, 2012, p. 72