Illinois Budget Crisis Is About to Get Even Harder to Resolve – Dems Going Bankrupt, Again

Illinois leaders are hours away from blowing a deadline that will leave the state careening toward the third straight year without a budget.

Source: Illinois Budget Crisis Is About to Get Even Harder to Resolve – Bloomberg

In 2015 Illinois tried to fix the deficit by increasing taxes and it made it worse. Taxes go up and people/companies shelter their money, move out of state, spend less or cheat thus collected taxes go down not up. Dems can’t survive if they cut spending, that’s how they buy votes. 

“Democratic lawmakers, who control both chambers, and Republican Governor Bruce Rauner have repeatedly failed to agree on how to solve chronic budget deficits worsened by the expiration of tax hikes in January 2015.

“We are probably approaching that point of impaired ability to function at basic level,” said John Humphrey, the Chicago-based head of credit research for Gurtin Municipal Bond Management, which oversees about $10.1 billion of state and local debt and has steered clear of Illinois. “We’ve already probably passed that point. We haven’t seen this in a modern state before.””

 

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This entry was posted in Darwin Award Nominee, debt, government, Media, politics. Bookmark the permalink.

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