Illinois Loses Most Jobs in Nation Following Tax Hikes

Thanks to Illinois governor Pat Quinn and the Illinois legislature Illinois Loses Most Jobs in the Nation

In a trend that continues to worsen, more Illinoisans found themselves unemployed in the month of July.

Illinois lost more jobs during the month of July than any other state in the nation, according to the most recent Bureau of Labor Statistics report. After losing 7,200 jobs in June, Illinois lost an additional 24,900 non-farm payroll jobs in July. The report also said Illinois?s unemployment rate climbed to 9.5 percent. This marks the third consecutive month of increases in the unemployment rate.

Illinois started to create jobs as the national economy began to recover. But just when Illinois?s economy seemed to be turning around, lawmakers passed record tax increases in January of this year. Since then, Illinois?s employment numbers have done nothing but decline.



When it comes to putting people back to work, Illinois is going backwards. Since January, Illinois has dropped 89,000 people from its employment rolls.

A combination of high taxes, overspending and red tape do nothing but chase away job creators and leave too many citizens without jobs. Springfield needs to act now and reverse course.

Inquiring minds may also wish to check out the foreclosure pipeline in Illinois, 7th worst in the nation at 128 months (over 10 years).

See First Time Foreclosure Starts Near 3-Year Lows, However Bad News Overwhelms; Foreclosure Pipeline in NY is 693 months and 621 Months in NJ for more details on the mortgage mess everywhere.

Illinois Unemployment Rises from 9.1% to 9.5% after Tax Hike

Please listen to CEO of the Illinois Policy Institute John Tillman on WLS AM on the Fiasco in Illinois. It is an excellent interview that gets much better as it progresses.

A tip of the hat to John Tillman for an excellent, must-hear interview.

I have little to add to this miserable report other than to emphasize Pat Quinn is the worst governor in the nation. He will not be re-elected. Unfortunately, taxpayers will suffer the consequences of his stupidity for the full length of his term.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

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