SE Illinois News

Illinois residents are facing decreased spending power as a result of sky-high levels of inflation. State Senator Darren Bailey (R-Xenia) explained what continued inflation could mean for families across the state.

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%.

"It’s already having a big impact, as Gov. Pritzer has been irresponsible with all the COVID money, and now we’re seeing rampant inflation and it’s by far surpassing people’s abilities to pay for things," Bailey said about the effect of inflation on the state's economy to the SE Illinois News. "We’ve got some interesting days ahead of us."

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

"At the federal level, they almost have to due to all the debt," he said. "Here at home, we’ve got to cut the waste and reprioritize our spending. Gov. Pritzker and his administration have failed altogether. He refuses to address the high energy rates and the gas taxes. It’s just incompetency across the board."

He said he witnessed the harmful effects of inflation on his constituents. 

"Grandparents are having to make tough decisions about doing things with their grandchildren, families are having to put off vacations, and now most Illinois residents are receiving letters letting them know their utilities bills are doubling, all while the high cost of food has people not going out," he said. "It has made for tough times for everyone, and I hold the governor responsible for creating the problem and then being unable to fix it."

Business owners, facing increased costs in supplies, shipping and other expenditures, could be forced to cut jobs, according to The Center Square. 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 than they paid in 2021 for the same goods and services due to price increases, according to Illinois Policy. 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.