How Will Illinois Pull Thru This
Illinois Comptroller Leslie Munger had a news conference back on February 2 regarding the crappy/terrible/horrendous state of finances here in Illinois.
Take a look at this crazy stupid top 10 list she presented. How unbelievable that our government has let things get this bad.
10 facts shared by Illinois Comptroller Leslie Munger about Illinois' spending, debt, lack of budget:
- It would take at least an 8 percent income tax rate to retire the state’s debt now without any cuts or other tax increases.
- The lack of state aid to colleges and universities will damage the system in the future as enrollments drop. Reports are surfacing that high school counselors are advising students to choose out-of-state colleges.
- Social service agencies and nonprofits have exhausted loans, cut jobs or shut down as payments for mental health, sexual assault, respite care, autism and other services are not being made.
- 90 percent of the state’s bills are being paid under order, but in some cases, at last year’s budget level. The problem is that the state is collecting $5 billion less in taxes this year because of the end of the temporary income tax increase.
- In other cases, court orders require Munger to pay “whatever is required” to maintain existing services, she said. That’s like someone stealing your credit card for a shopping spree and you still get the bill, no matter what.
- The departments of human services and health care and family services are projected to spend $1.2 billion more than they did last year.
- Spending $1.2 billion more while collecting $5 billion less in taxes equals $6.2 billion in more debt for all taxpayers.
- If you had $6.2 billion, you could buy both of this year’s Super Bowl teams. You could buy the Willis Tower. You could buy a trip to the moon and back. You could buy all of those things, Munger said, and still have money left.
- Instead, we get the bill. No one’s printing money for Illinois nor waving a magic wand to make the debt disappear.
- The state already has $7 billion in unpaid bills now. By the end of the fiscal year in June, we all will face $10 billion to $12 billion in unpaid bills.
Watch video & read the source article:
http://www.rebootillinois.com/2016/02/02/whats-hot/madeleinedoubek/the-tax-rate-and-9-other-facts-that-should-lead-you-to-demand-a-state-budget/52305/
Years of mismanagement and waste. Pensions. Unions. Unfunded programs.
Our state is dying a slow death. We need immediate treatment before the disease is incurable.
Out for now......
Matt
