Posted on 10/07/2009 12:04:37 PM PDT by Free ThinkerNY
The state of Illinois can’t pay its bills, according to the local CBS affiliate in Chicago. Illinois has a $3 billion cash gap in its budget, and is now pushing vendor payments out to three months on average. One health-care provider that supports at-home care may have to shut its doors and lay off its employees while it waits for almost a million dollars owed by the state:
The State of Illinois’ pile of unpaid bills has grown to a record-breaking $3 billion. Comptroller Dan Hynes said Tuesday it’s never before been this bad at this point in any previous fiscal year. CBS 2 Political Editor Mike Flannery reports that some social service agencies that rely heavily on state reimbursement warn they will soon be forced out of business.
Hynes said that things are likely to get worse before the state’s bleak revenue picture begins to improve. …
It’s all very discouraging to the physician who runs Family Home Service.
Dr. Norman James said he does not have enough cash to pay his 250 employees this Friday. He said he may have to close the doors, leaving more than 450 clients without the support they need to stay in their own homes and out of expensive nursing homes.
Dr. James said his bank had tripled the size of his line of credit, but that money is now all gone. Dr. James said Illinois owes his agency $900,000, about $700,000 of it past due by up to five months.
But the state legislature and governor are responding to this budget emergency, right? After all, tax revenues are falling, creditors are calling at a rate of 2600 calls per week, and vital services will cease operations unless something gets done quickly to free up cash.
(Excerpt) Read more at hotair.com ...
Hope & Change.
It’s hard to think of a worse position to be in...to be a small business with the state being your 70-80-90-100% customer...with a truckload of receivables waiting to be paid and not a dime in the bank after paying your employees. Man, that would suck.
A fine up standing state that gave us the President would not force any one out of business would they??
I can’t believe this state hasn’t been overthrown by small woodland creatures.
Why should he have any money left? Profit is evil the libs tell me so.
/s
When do they start issuing IOU’s?
Most states run by the Dems are in this position. The day of public financed goodies are coming to an end and BO doesn’t see it. The states will be FORCED by economic conditions to PRIVATIZE most of their operations except for police/fire/EMS.
Everything else will have to be run in a private (non-profit/profit) method. The Lafer curve is at the threshold.
Oh it will be... it will be
I apologize to Yoda
but even if they “privatize” it they still want to control it.
Who knows? Best case scenario is a shake-up that would lead to more freedom.
If you can’t control the opposition put them out of business.
Gee, another leftist-run state that’s broke! Clearly just a coincidence!
Ping
I just wonder. If the big fall happens will those who are unable to take care of themselves and not even know how to obtain basic food blame the government or just riot and try to steal from others? (emulate big government)
Damn. If only Chicago had won the 2016 Olympics.
Republicans could respond with a promise to balance the budget by abolishing welfare, and giving all current recipients a free ticket to some other state.
I vote for B!
All Bolshevik revolutions cause a consolidation of power into the hands of the ‘elite’. Poor ‘small’ businesses get sucked up by the government backed corporations.
I still can’t believe what’s happening right before my eyes in such an orderly fashion.
Big labor, big corporations, big government equals totalitarian regimes every time.
yep.
Makers vs Takers all over again.
Run the survivors to the hills and forest reserves and we can get back to being a free country while them and their descendants evolve into primitve creatures.
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