Illinois Blows Budget Deadline

On Friday, House Speaker Michael Madigan, a Democrat who controls much of the legislative agenda, pleaded with rating companies to "temporarily withhold judgment” as lawmakers negotiate.

a record $15 billion of unpaid bills as it spent over $6 billion more
Pushing It Closer to Junk Rating


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The California Legislature recently passed a bill to increase the State gasoline tax by .12 per gallon. The ploy was to claim that the additional money was needed to repair highways, that proved to be a lie. That money was used to balance the budget, fund a super train system between San Francisco and Los Angeles. If you trace that funding you will no doubt find that much of it went into the pockets of several members of the State Legislature, including Governor Moonbean Brown.

Bob

Hey Buck, which state are you "moving" to?

I like Illinois. It's Chicago I don't care for. We are close enough to Iowa to just be annexed.
It isn't just that we have Democrats running Chicago, it's that they have done so for generations and have had a strangle hold on on power in the rest of the state due to the crazy politics.

I see the "fighting illini" are going to have to swallow a 32% tax increase unless the Republican governor rescues them.
Normally this wouldn't hurt too much but when one is already taxed to the gills............

quote:

I see the "fighting illini" are going to have to swallow a 32% tax increase unless the Republican governor rescues them.

Village Idiot, even if you paid zero in taxes you dont think 32% wouldnt hurt?

Hey RETARD #1 were you in an early government indoctrination institution?
32% of 0 IS 0!
Just looked at the list of state ratings for taxes and if this hike survives Illinois goes RIGHT TO NUMBER 1!!!!! They are a ways down the list at the moment!

Bill nailed it on this one. Apparently they would rather tax everyone more than address the problems they have. I don't think the gov can rescue this one. The dems have a super majority and can override his veto. This is outright stupidity.

Illinois does not have an income problem, (God knows they are taxing everyone to death).....they have a very serious spending problem. At their current spending rate they could tax everyone in the State 200% of their income and still not pay their bills. They are currently spending a little over 6 billion dollars a year more than they are taking in, and these fools can't figure out why they are broke. Wait until they stop issuing pension checks....then the shyt will hit the fan!

For the past six consecutive years Illinois has lead the Nation in people moving away.

Chicago leads the Nation in murders and shootings.

Chicago has a Leadership (or lack of Leadership) problem, they keep electing the same morons back into Office and expecting different results.

Bob

quote:

Hey RETARD #1 were you in an early government indoctrination institution?
32% of 0 IS 0

Village Idiot, no shyt!

quote:

Wait until they stop issuing pension checks....then the shyt will hit the fan!

Yep. That is when the beast will turn on itself! It will be fun to watch.

Just for fun, I was looking at the per household debt of each Illinois family. In unfunded state employee worker retirement debt alone it's $56K per household. So total debt is somewhat higher. Of course that's a misleading government stat. Supposing 50% could meet their obligation, which is likely optimistic, that makes it $112K per.

Looking for a total obligation, lets add the federal debt obligation, again just for fun. Total debt per family is $813.3K. The average saving per family is $8.7K. So using the same optimistic default rate of 50% that's $1.6 million per. So that's $1.74 million per household state & federal "government credit card debt".

So, with Illinois worst jobs growth in the Midwest and corresponding exodus of tax paying state residence, this sanctuary state has to look to it's elected state leaders for new and exciting solutions. With the state Legislature's vote for sanctuary state status being the poster child of their new leadership. Of course they will likely get federal money. The irony being it will simply shift, in part, from state debt to federal debt. Kinda like rolling your old credit card debt over to a new credit card, TaDa! But, as I said it's going to be fun to watch. I've already got my front row ticket. Let the entertainment begin..... am I taking too much delight in this?

Bankrupt Illinois Slams Citizens with 32% Income Tax Hike,

More to Come




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This message has been edited. Last edited by: Grandma / Gpa,

As the crumbling of the Fighting Illini state roars on in passing gear!
In ‘96 the tax on a guys real estate was $1600.00, in ‘16 when he sold the property, no improvements, for $325,000.00 the property tax was $10,000.00!
Our shack in Vegas would appraise for that and our property tax is less then $1100.00.
The hacks in Illinois admit they have a $130,000,000,000.00 in unfunded pension obligations, the people that know the truth peg the shortfall at OVER $250,000,000,000.00!
The state can’t even be saved by a massive earthquake and slide into the Pacific Ocean like the salvation might be for the other looooooony tuner run state teetering on the brink of bankruptcy!
The state has lost so many residents it has fallen from 5 in population to number 6!
Those aren’t welfare recipients that are leaving!

Because the politians stole the money! did I win?

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