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Illinois is running out of time and money
WP ^ | 4/25/2012 | George Will

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 state’s in 2011. Its pension system is the nation’s 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.

Quinn’s 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 state’s bonded debt has increased from $9.4 billion to $30 billion), underfunds pensions...

(Excerpt) Read more at washingtonpost.com ...


TOPICS: Miscellaneous
KEYWORDS: illinois; will

1 posted on 04/28/2012 11:44:47 AM PDT by Signalman
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To: Signalman

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.


2 posted on 04/28/2012 11:50:30 AM PDT by The Antiyuppie ("When small men cast long shadows, then it is very late in the day.")
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To: The Antiyuppie

I can’t wait for my State of Illinois to crash.


3 posted on 04/28/2012 11:53:38 AM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: Lurker
I can’t wait for my State of Illinois to crash.

I'm with you. I live in CA and this state, run by the socialists for decades, is bankrupt. And now Gov. Brownie wants to increase the sales tax since he needs another 60B bucks for "high-speed" rail. Let the state crash. Maybe the useful idiots who keep voting the Dems in, will wake up (but I'm not going to bet on it).
4 posted on 04/28/2012 11:59:50 AM PDT by Signalman
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To: The Antiyuppie
Frankly, I don’t care, not even slightly. Unless they think that the Federal government will bail them out. Then, I care.

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.

5 posted on 04/28/2012 12:22:27 PM PDT by hinckley buzzard
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To: Signalman

Detroit will look like a paradise compared to what is going to happen to Chicago when the scam collapses.


6 posted on 04/28/2012 12:36:42 PM PDT by cripplecreek (What does it profit a man if he gains the whole world but loses his soul?)
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To: Lurker

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.


7 posted on 04/28/2012 12:40:04 PM PDT by cripplecreek (What does it profit a man if he gains the whole world but loses his soul?)
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To: Lurker; Impy; PhilCollins; Dengar01
>> I can’t wait for my State of Illinois to crash. <<

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.

8 posted on 04/28/2012 12:51:41 PM PDT by BillyBoy (Illegals for Perry/Gingrich 2012 : Don't be "heartless"/ Be "humane")
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To: Lurker

So glad I left at the end of 2010.


9 posted on 04/28/2012 12:57:21 PM PDT by KEVLAR
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To: Signalman
It was reported that Joliet is listed in the top 16 US cities to fail. Joliet workers (predominantly unionized) make, on average, $83K in salaries not including benefits. The average resident of Joliet makes $48K. The city just doubled the water bill (on the $48K people) to pay for the $83K people. The unionized workforce and poor fiscal management in tanking Joliet - a microcosm of the state of Ill-Annoy and Obama’s Amerika.
10 posted on 04/28/2012 2:40:09 PM PDT by SERKIT ("Blazing Saddles" explains it all.......)
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To: cripplecreek
Michigan will only survive and thrive after the fall

Ditto from upstate New York!

11 posted on 04/28/2012 2:56:44 PM PDT by BfloGuy (The final outcome of the credit expansion is general impoverishment.)
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To: cripplecreek

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.


12 posted on 04/28/2012 3:47:15 PM PDT by Pilgrim's Progress (http://www.baptistbiblebelievers.com/BYTOPICS/tabid/335/Default.aspx)
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To: Pilgrim's Progress

Tigers are about to win this one.

Michigan is a great state with crappy leadership.


13 posted on 04/28/2012 3:49:00 PM PDT by cripplecreek (What does it profit a man if he gains the whole world but loses his soul?)
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To: cripplecreek

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.

http://churchofhispresence.org/


14 posted on 04/28/2012 3:56:21 PM PDT by Maudeen (Proverbs 3:5-6)
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To: cripplecreek

I hope we didn’t speak to soon . . . the Tigers look like they are trying to lose another one . . . incredible!


15 posted on 04/28/2012 3:56:43 PM PDT by Pilgrim's Progress (http://www.baptistbiblebelievers.com/BYTOPICS/tabid/335/Default.aspx)
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To: Pilgrim's Progress

phew! that was just too close!


16 posted on 04/28/2012 3:58:13 PM PDT by Pilgrim's Progress (http://www.baptistbiblebelievers.com/BYTOPICS/tabid/335/Default.aspx)
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To: Pilgrim's Progress

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.


17 posted on 04/28/2012 4:03:46 PM PDT by cripplecreek (What does it profit a man if he gains the whole world but loses his soul?)
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To: Signalman
This is an admission that the unholy,incestuous relationship between Rat officeholders and Marxist unions over the last 5 decades was a sham and a scam from the start.
18 posted on 04/28/2012 4:41:18 PM PDT by Gay State Conservative (Unlike Mrs Obama,I've Been Proud Of This Country My *Entire* Life!)
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To: cripplecreek
Michigan is a great state with crappy leadership.

Not *all* of it is great.I've been to Detroit.This year!

19 posted on 04/28/2012 4:43:14 PM PDT by Gay State Conservative (Unlike Mrs Obama,I've Been Proud Of This Country My *Entire* Life!)
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To: Gay State Conservative

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.


20 posted on 04/28/2012 4:46:00 PM PDT by cripplecreek (What does it profit a man if he gains the whole world but loses his soul?)
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To: cripplecreek
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.

I live near Boston and get to NYC regularly...both cities,while far from being a paradise,are light years above what I saw in Detroit.My visit to Detroit filled me with enormous sadness and fear for this country's future,given that what I saw is the logical conclusion of long term dominance by Rats and Marxist unions.

21 posted on 04/28/2012 5:00:15 PM PDT by Gay State Conservative (Unlike Mrs Obama,I've Been Proud Of This Country My *Entire* Life!)
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To: BillyBoy

The point, BillyBoy, is that a socialist agenda like ours in Illinois may drag down our state, but it shouldn’t bring down the republic.

Within Federalism, a state’s chief role may be to act as a negative example to others.

Perhaps Illinois’s dire economic straits may even lead to the demise of the combine.


22 posted on 04/29/2012 8:55:07 AM PDT by Piranha (If you seek perfection you will end up with Democrats.)
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