Economic development subsidies should create jobs, increase wages, and promote positive economic growth, but these goals do not consistently prevail. Continue reading “Reforms Needed to Ensure Accountability in Economic Development Subsidies”
Illinois has spent at least $4.9 billion in state and local business subsidies since 2000, after adjusting for inflation. This equates to $288.5 million per year. While these subsidies have saved or created some jobs in the state, Illinois could have created even more jobs and more economic growth if tax dollars had instead been invested in public infrastructure and public education.
Subsidies play a prominent role in economic development policy at both the state and local levels in Illinois, yet subsidy policies continue to lack the strict scrutiny they deserve. Continue reading “Economic Development Subsidies Not Consistent with Socio-Economic Needs”
Since 1985, state and local governments in Illinois have doled out at least $5 billion in economic development subsidies. In particular, three companies have received over $900 million from Illinois taxpayers: Sears, Mitsubishi Motors, and Motorola. In these three cases, employment eventually fell and plants even closed despite the massive amounts of money provided. Continue reading “Illinois Has Doled Out $5 Billion in Corporate Subsidies Since 1985”
New ILEPI series shows giveaways often don’t deliver as promised, disadvantage underserved communities, and are outperformed by investments in education and infrastructure. Continue reading “Are Illinois Taxpayers Being Shortchanged by Corporate Subsidies?”