IL State Rep. Chris Bos (R-Lake Zurich) | Facebook/State Representative Chris Bos
IL State Rep. Chris Bos (R-Lake Zurich) | Facebook/State Representative Chris Bos
Illinois State Rep. Chris Bos (R-Lake Zurich) wants state leaders to promote economic growth in the Prairie State after its economy was found to be falling behind other states in the Midwest.
Bos took to social media to present his thoughts on how to boost and develop the state's economic potential.
"A recent study shows Illinois' economy is lagging behind the rest of the Midwestern states," Bos wrote in the June 8 Facebook post. "Illinois can become a leader in economic opportunity but that means we have to implement policies that promote investment, encourage innovation, and make life affordable again for all our residents."
The report by Wallethub ranked all of the states based on economic activity, economic health, and innovation potential, according to the Center Square. Illinois ranked 32nd overall, behind most other states in the region. Michigan, Minnesota, and Iowa were among the states in the top 20, while Wisconsin was ranked 27th.
"We looked at each state through about 30 different metrics, including economic growth and economic strengths and then ranges from GDP growth to startup activity, things that show that your economy is moving along," Jill Gonzalez, a policy expert with Wallethub, told the Center Square. "Illinois needs improvement."
A separate Wallethub study found Illinoisans have the highest tax burden in the nation, Illinois Policy reported. The average Illinois household pays $9,488 in taxes yearly, almost 30% more than the nation's average. People in Illinois also pay the second highest gas tax and effective property tax rates, but the state's public services don't reflect the high taxes.
As of three years ago, the state had the fourth highest outstanding government debt in the country, according to Statista. Then, the state's debt was around $165.1 billion, less than only California, New York, and Texas. 44 states and Washington, D.C. had outstanding debts under $100 billion.
According to Forbes, governments with large debts and deficits risk worsening inflation.
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