Springfield, Illinois – As the November gubernatorial election approaches, the two leading candidates are laying out sharply different visions for how to grow Illinois’ economy. Incumbent Governor JB Pritzker leans on his business background and a record of incentive packages that have attracted new projects, while Republican nominee Darren Bailey argues that cutting state spending and lowering tax rates will make the state more competitive.
Pritzker’s Track Record
Pritzker repeatedly points to the expanded incentive programs his administration has used to lure companies to expand or relocate in Illinois. He cites a series of credit‑rating upgrades and a milestone where the state’s gross domestic product surpassed the $1 trillion mark for the first time. The governor also highlights that Illinois has posted balanced operating budgets every year of his tenure, except for the pandemic‑impacted 2020, and that surplus funds have been used to pay down a $16.7 billion bill backlog and build a rainy‑day reserve.
According to Moody’s Analytics, Illinois’ business‑cost index is only about 1 percent above the national average, with labor costs on par and energy costs roughly 5.5 percent lower. The firm notes, however, that the state carries the fourth‑worst tax burden in the nation, a point Pritzker acknowledges but frames as a necessary investment in infrastructure and public services.
Bailey’s Free‑Market Pitch
Bailey counters that Illinois’ high tax burden—particularly property taxes and a corporate rate of roughly 9.5 percent—stifles growth. He calls for rolling back the recent toll hike on the Illinois Tollway and reducing the state gas tax, which he says are among the highest in the country. “People need relief,” Bailey told supporters, adding that lower taxes will help bring businesses and families back to Illinois.
The Republican also criticizes what he sees as excessive spending. He points to the state budget’s growth from $40 billion in Pritzker’s first year to nearly $56 billion now, noting that after inflation adjustment the increase is about 7 percent and much of it funds rising pension obligations, K‑12 education, and health‑care costs for state employees and Medicaid recipients.
Economic Indicators
Despite the debate, Illinois still lags behind the nation in real‑GDP growth and unemployment remains higher than the national average and that of all but one bordering state. Private‑sector job growth has been modest, rising only 0.3 percent (about 17,000 jobs) from January 2019 to September 2026, placing the state 44th in the nation.
Nevertheless, the state’s diversified economy—no single industry accounts for more than 13 percent of GDP—offers a solid foundation. Chicago serves as a hub for finance, professional services, and tourism, while the state’s central location supports transportation, logistics, and agriculture. World‑class universities and a skilled workforce further bolster Illinois’ economic potential.
What’s at Stake
Both candidates agree that Illinois has significant untapped potential, but they differ on how to unlock it. Pritzker emphasizes continued investment, balanced budgets, and targeted incentives, arguing that these steps will eventually allow the state to “catch up and beat the average in the United States.” Bailey, meanwhile, urges a leaner government that cuts taxes and reduces regulatory burdens, positioning himself as a business‑friendly alternative.
Voters will ultimately decide whether Illinois should pursue the current administration’s incentive‑driven growth model or shift to a more laissez‑faire approach championed by Bailey.
Original reporting: Capitol City Now (WTAX 1240 Springfield) — read the source article.
