Skip to comments.Illinois is running out of time and money
Posted on 04/28/2012 11:44:40 AM PDT by Signalman
After trying to tax Illinois to governmental solvency and economic dynamism, Pat Quinn, a Democrat who has been governor since 2009, now says our rendezvous with reality has arrived. Actually, Illinois is still reality-averse, so Americans may soon learn the importance of the freedom to fail in a system of competitive federalism.
Illinois was more heavily taxed than the five contiguous states (Indiana, Kentucky, Missouri, Iowa, Wisconsin) even before January 2011, when Quinn got a lame-duck legislature (its successor has fewer Democrats) to raise corporate taxes 30 percent (from 7.3 percent to 9.5 percent), giving Illinois one of the highest state corporate taxes and the fourth-highest combination of national and local corporate taxation in the industrialized world. Since 2009, Quinn has spent more than $500 million in corporate welfare to bribe companies not to flee the tax environment he has created.
Quinn raised personal income taxes 67 percent (from 3 percent to 5 percent), adding about $1,040 to the tax burden of a family of four earning $60,000. Illinois unemployment rate increased faster than any other states in 2011. Its pension system is the nations most underfunded, and the state has floated bond issues to finance pension contributions borrowing money that someday must be repaid, to replace what should have been pension money that it spent on immediate gratifications.
Quinns recent flirtation with realism a plan to raise the retirement age to 67 and cap pension cost-of-living adjustments is less significant than the continuing unrealistic expectation that some of Illinois pension investments will grow 8.5 percent annually. Although the state Constitution mandates balancing the budget, this is almost meaningless while the state sells bonds to pay for operating expenses (in just 10 years the states bonded debt has increased from $9.4 billion to $30 billion), underfunds pensions...
(Excerpt) Read more at washingtonpost.com ...
Frankly, I don’t care, not even slightly. Unless they think that the Federal government will bail them out. Then, I care.
The good news is, the place will probably go down the drain instead of circling it during Romney’s administration. Given his track record, he isn’t too enthused about bailouts - and he has no chance of getting Illinois electorally in 2012 or 2016, either.
I can’t wait for my State of Illinois to crash.
You know that idea's gathering strength in the back room somewhere, as a last ditch measure.
If they can bail out General Motors and Citibank then they can bail out "we the pee-pul" too, blah blah.
Detroit will look like a paradise compared to what is going to happen to Chicago when the scam collapses.
I know the feeling. I’m A Michigander who has long said that Michigan will only survive and thrive after the fall.
We’re doing better but can never achieve full potential till we become so impoverished that hard choices are forced.
But haven't you heard? State governments are soooooo wonderful and shining examples of the ideals that the FOUNDERS had in mind. Giving state governments more power to make decisions over the lives of their citizens ALWAYS means more "freedom" and "liberty" for the people of that state. Rick Perry & the Abolish the 17th Amendment crowd "explained" this to principal to me, and I guess we Illinois citizens are just too dumb to realize how wonderful our state government is. If only we realized the benefits that would be gained by giving Pat Quinn, Lisa Madigan, Mike Madigan, and John Cullerton MORE power.
So glad I left at the end of 2010.
Ditto from upstate New York!
I have just recently left 0bozo’s “home” state (no, not Kenya) to become a Michigander. I like the feel of this brand new conservative state.
Yes, Illinois is going to crash very soon.
I am finding it quite easy to embrace my new Tigers team, and am no longer rooting for NObama’s favorite franchise.
Tigers are about to win this one.
Michigan is a great state with crappy leadership.
Illinois with all of its anti-God antics should get ready for the big one. Just offering the below for thought. It’s probably not an if but a when situation.
Pastor John Kilpatrick of the Church of His Presence, Daphne, Alabama, had a vision (April 27, 2008), and a dream (May 20, 2008) which he interprets as being possible warnings about a coming earthquake associated with the New Madrid Fault.
In his dream, he saw the names Indianola and Europa. He notes there is an Indianola, Illinois; Europa, Missouri; and Indianola, Mississippi.(Europa is a very tiny town between Senath and Arbyrd, and is east of Hwy 412.) The pastor notes these three towns are on a north-to-south line running by the New Madrid Fault.
I hope we didn’t speak to soon . . . the Tigers look like they are trying to lose another one . . . incredible!
phew! that was just too close!
LOL typical Valverde style. Make it a nail biter. He did that all last season but was the number 1 closer in all of the MLB.
Not *all* of it is great.I've been to Detroit.This year!
I live about 70 miles west of Detroit and haven’t been there for about 5 years when I went to a ball game. I avoid all cities like the plague.