High tax, low growth

ASTORY came over the wire the other day showing that Texas and Florida were the two states growing the fastest in 2017. That is, their populations are growing as people move there from elsewhere, babies are born, and few folks move away. Which will eventually lead to more political power for those states when they gain congressional districts. It’s the advantage of being a low-tax state.

(For the record, when it comes to population growth, Arkansas ranked right where you might expect: In the middle of the pack.)

But what was even more interesting was the state losing the most population: Illinois.

Illinois has a mountain of debt, and its unfunded liabilities—its Ponzi scheme for its pension plans—may top $130 billion soon, if it hasn’t already.

Reuters reports that the state’s unpaid bills topped $16 billion this year. (Unpaid bills!) Illinois has the lowest credit rating among the several states. Some precincts in Chicago are death traps.

All of that, and Illinois has one of the highest tax rates in the nation.

And what solution did Illinois’ politicians offer? The state raised its income tax by 32 percent this summer.

The bleeding continues. Of people. Of jobs. Of the future.

Illinois is a fine example to the rest of the nation. An example to beware.