Carbondale Reporter

Inflation is the highest it's been in more than 40 years, significantly decreasing the spending power of residents across Illinois. State Rep. Paul Jacobs (R-Pomona) weighed in on the issue and explained what continuing inflation could mean for Illinois families. 

The U.S. Bureau of Labor Statistics issued its latest Consumer Price Index (CPI) summary on July 13, which found that costs have risen 9.1% in the last year, marking a 40-year high. In the last month, the cost of energy increased by 7.5%, gas prices rose 11.2%, and the cost of food increased by 1%. In the last year, the cost of gas has risen by 59.9%, while food prices have increased by 10.4%.

"We are being hit with a perfect storm in Illinois," Jacobs told Carbondale Reporter. "Inflation and high taxes are hurting businesses and consumers. If nothing is done, we will have massive job loss in Illinois." 

Jacobs predicts that Illinois residents will not only have to endure rising inflation, but they may also have to face higher taxes as well. 

"Raising taxes seems to be what the Democrats do best," Jacobs said. "If the Democrats retain super majorities and the Governor wins re-election I can see where there likely would be a push to raise taxes."

When asked about the effects of inflation on his constituents, Jacobs said, "I hear about it all of the time. What is happening is not sustainable. We need real spending reforms and meaningful tax relief – not the gimmicks JB Pritzker is offering." 

Business owners, facing increased costs in supplies, shipping and other expenditures, could be forced to cut jobs, The Center Square said in a recent release. Todd Maisch, CEO of the Illinois Chamber of Commerce, said "the question for policy makers in Illinois" is whether they are going to raise taxes because of inflation, "or are we going to weather the storm and show that government can be on sound fiscal footing."

Illinoisans are paying an average of $4,386 more in 2022 due to price increases than they paid in 2021 for the same goods and services, a report from Illinois Policy said. The average Illinois resident will pay an extra $1,122 for gas this year, while also spending an additional $504 on groceries and $280 for utilities. These extra costs mean many people will dip into their savings and skip some recreational activities.