About Gov. Pritzker’s “$1 Trillion” GDP brag – Wirepoints

By: Ted Dabrowski and John Klingner

Gov. Pritzker continued to tout his first-term “accomplishments,” this time as part of his second inaugural speech. Included were his usual lines about paying down the state’s unpaid bills, balancing the budget and garnering credit upgrades for the state.

We’ve refuted those claims in the past, but there was a new one this time: that his administration deserves credit for Illinois’ GDP (Gross Domestic Product) recently breaking $1 trillion.

As with so many of his claims, the governor is taking credit for something he had little to do with. The “improvements” in Illinois tax revenues and cash flow can all be traced back to the $10 trillion in federal bailouts and spending nationally, of which nearly $200 billion was dedicated to Illinois’ private and public sectors.

The same goes with the $1 trillion GDP claim. The sky-high inflation resulting from the bailouts has jacked up prices, artificially inflating GDP growth over the past two years. It’s the only reason why Illinois broke the $1 trillion mark. 

If inflation had remained at its pre-pandemic levels, Illinois GDP today would only be around $965 billion. (The $1 trillion mark would likely have come two years from now.)

This might sound like nitpicking, but the reality is Gov. Pritzker has little to brag about when it comes to economic growth under his leadership. Illinois has experienced the nation’s 9th-worst GDP growth since Q1 2019, growing only 18 percent. All of Illinois’ neighbors performed better.

The governor’s performance after inflation is taken into account is just as bad. Illinois’ real GDP growth since Q1 2019 is just 3 percent, the nation’s 12th-worst performance and, again, worse than any neighbor.

The growth of the other “trillion” GDP states? Florida grew 4 times more at 12 percent. Texas grew 2.6 times more at 7.7 percent. And even New York, another state that’s struggling with out-migration, managed to outpace Illinois with a growth of 5.6 percent.

If anything, Gov. Pritzker’s policies have stunted GDP growth, not encouraged it. Pritzker has approved higher taxes – including a doubling of the gas tax and a $600 million corporate tax hike – instituted more regulations (i.e. green energy) and added subsidies for favored industries. He’s also hiked government spending in numerous ways and avoided making any structural reforms.

The lack of growth has hit working Illinoisans particularly hard. Under Pritzker, employment in Illinois has fallen by 173,000, according to the latest U.S. Bureau of Labor Statistics data.

That’s the second-biggest loss of jobs nationally and 5th-worst in percentage terms, second only to New York. 

And joblessness under Pritzker remains painfully high relative to the rest of the country. At 4.7 percent in November 2022, Illinois’ unemployment rate was the nation’s 2nd-highest, behind only Nevada. In October, Illinois’ unemployment rate was the highest in the nation

Illinoisans struggling in one of the most challenged states in the country deserve honesty from their governor. Instead, all they get is spin. 

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JackBolly
1 year ago

Here’s what real economic success looks like:

https://www.foxbusiness.com/politics/texas-announces-record-budget-surplus-nearly-33b-unprecedented

Tax cuts for the taxpayers!

Marie
1 year ago

This is just one of the many problems with Pritzker and his fantasy numbers. We all figured it out. We know he’s falsifying numbers, lying, says whatever will benefit him at the time, wants complete control and thinks we’re all stupid enough to buy into it. There are many people surrounding him, in fear of losing their livelihoods, who will agree with anything he says and push it to the public. That is why he can’t be trusted or believed. His truth is in the toilet on the front lawn. STOP VOTING FOR HIM!

Being Had
1 year ago

I think that Illinois government pay raises are associated with GDP, which is why these hacks are paid more than government in nearby states.

The government in Illinois should have gotten pay decreases consistent with what they’ve done to lower the standard of living and in-step with out-migration.

JackBolly
1 year ago

The complete lack of meaningful employment (well paying, family supporting jobs) growth in IL paints a picture of total failure by any economic measure.

Last edited 1 year ago by JackBolly
nixit
1 year ago

How does JB feel about gas stoves?

Fight Harder
1 year ago
Reply to  nixit

It’s pretty apparent he is a connoisseur of fine foods. Multiple times per day !!!

jajujon
1 year ago

Just another “worst of the worst” accomplishment for the Land of Lincoln. Thank you, MSM, for being complicit in hiding the facts and not challenging our political class. And thank you, Illinois Republicans, for once again sitting on your hands and not creating a stir about the consistent flow of lies. Yet when the economic **** hits the fan this year, expect Pritzker to point fingers. Higher taxes and over-regulation aren’t to blame.

Giddyap
1 year ago

Puglsey is an unflushed toilet of lies and corruption

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