Severin: Workers' comp reform, lower taxes, fewer regulations can stop job exodus
David Severin, small-business owner and Republican candidate for the District 117 state House seat, expressed his concerns about the exodus of jobs from Illinois.
"Southern Illinois is losing jobs at an alarming rate," Severin said on his campaign website.
Employers and workers have been leaving Illinois over the last 10 years. The primary reasons cited are the weak economy, high taxes and onerous business regulations. Larger businesses relocate to more business-friendly states, while small businesses reduce their workforce and sometimes close.
When jobs leave, residents follow. The exodus of residents between 1995 and 2010 resulted in a net loss of 855,196 people and $35.4 billion in annual income. The state lost a net of 49,142 people and almost $2 billion in annual income in 2010 alone. As people move out, they take their income with them. State and local governments have lost an estimated $6 billion in annual tax revenue between 1995 and 2010.
Illinois has struggled to reverse the out-migration of manufacturing and other businesses. The state lost 6,200 manufacturing jobs in 2015 and 8,000 more between January and August of 2016.
Severin said reforms to the workers' compensation system, the nation's seventh most expensive for business owners; lowering property taxes; and reducing the multitude of business regulations will encourage job creation and retention.
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