"Job loss/revenue loss' study shows need to end job-killing policies
Key to budget solution is sustainable jobs through small businesses, Brady says
Following a University of Illinois study that shows how significantly unemployment has led to the massive state deficit, Governor candidate Bill Brady today called on Governor Quinn to develop a realistic plan to create jobs in Illinois.
"It's not too late for Pat Quinn to provide the clean break we must have," said Brady. "We don't need political posturing now. We need jobs."
According to a report in Crain's magazine: "Cash-strapped Illinois would collect an additional $2.1 billion in annual tax revenue -- enough to fill roughly half of its fiscal 2011 budget hole -- if the state had as many jobs as it did a decade ago. That's the bottom line of a provocative new report provided exclusively to Crain's by the Regional Economic Applications Laboratory at the University of Illinois at Urbana-Champaign."
"Our state has been underperforming compared to other areas of the country," Brady said. "It has to do with the job-killing approach of the Blagojevich/Quinn years -- a lethal combination of corruption, bloated budgets, regulations that don't make sense and, now, attempts to put a new giant tax burden on families and business."
Brady also pointed to unemployment rate numbers today that are reportedly artificially high due to the hiring of temporary U.S. Census workers. Private payrolls actually unexpectedly fell by 23,000 in March, according to a report by payroll giant ADP and consultancy firm Macroeconomic Advisers.
"Businesses, especially small business, is the engine of our economy," Brady said. "Sustainable jobs are crucial because they are what people want, but they are also the foundation for a sound budget."
The lost revenue report follows Fitch Rating on Monday downgrading the state's $23.4 billion of GO bonds on Monday one notch to A-minus, due to its "deteriorating fiscal position" and pessimism that any solutions will be found by those currently running state government.
Brady vowed to continue talking about his agenda for a clean break, bringing a job-creating environment to Illinois and ending the culture of corruption.
"We can do better," he said, "and after this election, we will."