Lake County Gazette

Illinois State Rep. Martin McLaughlin (R-Barrington Hills) recently voiced his opinion on the issue of soaring levels of inflation and what it could mean for Illinois families. 

The U.S. Bureau of Labor Statistics issued its latest Consumer Price Index (CPI) summary on July 13, which found that costs have risen 9.1% in the last year, marking a 40-year high. In the last month, the cost of energy increased by 7.5%, gas prices rose 11.2%, and the cost of food increased by 1%. In the last year, the cost of gas has risen by 59.9%, while food prices have increased by 10.4%.

"It’s not going to be good for national economy or the Illinois economy, especially with the way the governor has already been failing to grow the economy the way neighboring states have," McLaughlin told the Lake County Gazette, referring to the effects of inflation on the state's economy. "That has a lot to do with the policy he’s putting in place."

McLaughlin predicts that Illinois residents will not only have to endure rising inflation, but they may also have to face higher taxes as well. 

"People are already being forced to pay more in taxes and that won’t change anytime soon," he told the Gazette. "Things are tough for people and there’s no relief in sight. Inflation is destroying the middle class family and what they can save for moving forward."

McLaughlin noted that he has witnessed the harmful effects of inflation on his constituents.

"Just look at how rents are killing people now, as are the costs of used cars and the traveling some people still try to do," he said. "So many people can’t afford to do what they once were. The green energy plan of the Democrats is cleaning the green out of the wallets of everyone."

Business owners, facing increased costs in supplies, shipping and other expenditures, could be forced to cut jobs; The Center Square said in a recent release. Todd Maisch, CEO of the Illinois Chamber of Commerce, said "the question for policy makers in Illinois" is whether they are going to raise taxes because of inflation, "or are we going to weather the storm and show that government can be on sound fiscal footing."

Illinoisans are paying an average of $4,386 more in 2022 due to price increases than they paid in 2021 for the same goods and services, a report from Illinois Policy said. The average Illinois resident will pay an extra $1,122 for gas this year, while also spending an additional $504 on groceries and $280 for utilities. These extra costs mean many people will dip into their savings and skip some recreational activities.