It’s hard to feel sorry for Illinois
Why do we have such little faith in Illinois pols to manage the people’s money responsibly? Because we, like you, live here.Since 2003, Democrats have controlled the state legislature and failed to address rising pension unfunded liabilities. That year, under Gov. Rod Blagojevich, Illinois borrowed $10 billion and still shorted the pension funds. Lawmakers skipped full payments to the pension funds in 2006 and 2007, then borrowed again to make partial pension payments in subsequent budget years.Even after raising income taxes 67% for four years in 2011, and after another tax hike in 2017 with GOP support, this state’s balance sheet remains a mess. We’ll ask: How is it possible to accumulate for more than a decade billions in unpaid bills and unfunded pension obligations, and still leave Springfield every May claiming to have a balanced budget?So we have learned: Give Illinois money, and the politicians will mismanage it.
Source: http://cantotalk.blogspot.com/2020/07/its-hard-to-feel-sorry-for-illinois.html
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