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Posted on 01/20/2012 6:12:11 AM PST by afraidfortherepublic
SPRINGFIELD, Ill. (CBS) — Illinois keeps falling farther behind on its debt.
As WBBM Newsradio’s Regine Schlesinger reports, officially, the state has a backlog of more than $4.25 billion in unpaid bills.
LISTEN: WBBM Newsradio’s Regine Schlesinger reports (listen at link)
But Illinois State Comptroller Judy Baar Topinka says when one factors in other bills, the figure is closer to around $8.5 billion.
Those other outstanding bills include tax refunds, employee health insurance, and bills that have not yet reached her desk.
Topinka says this is extremely disappointing, since a year ago, the state sharply increased income taxes (by 67 percent) and corporate taxes.
“After the largest tax hike in our history, the state continues to be in this precarious fiscal position with persistent payment delays, and frankly, the situation is unlikely to significantly improve in the near term,” she said.
Some state officials say the solution is more borrowing to pay the bills, but Topinka says the solution is to cut spending.
Wisconsin is Open for Business Ping!
This is just a reminder that Illinois, with its business plan dependent on increasing taxes is falling deeper in debt. Wisconsin, on the other hand, will have a surplus after climbing out of the huge deficit left by Doyle, thanks to Scott Walker.
If you want to be on, or off, this Wisconsin interest ping list just FReep mail me.
I think it's all over for those guys now that Illinois taxes have drifted higher than in adjacent areas.
That would be our idiot Democrat Governor, Pat Quinn who's name and party affiliation CBS conveniently forgot to mention.
“Wisconsin is Open for Business Ping!”
Unless the Rats get their way and recall Walker and the other
Republicans they’ve targeted.
Lets hope there are LOTS of signatures for “Mickey Mouse” and
“Adolph Hitler” on the recall petitions....
Yep. I start looking at those names at 6 PM Sunday. I can hardly wait.
Maybe they can borrow some money from California.
Everyone should keep an eye on this, for this is the harbinger of total financial collapse.
Think of the states (or even the cities) as sub-corporations under USA Megacorp. USA Megacorps’ financial may look OK to investors, but as their subcorps keep incurring more and more unpayable debt, the Megacorp is going to slip in financial standing, having to pay higher rates to borrow, setting off a cascading collapse.
Without Walker and the Republicans’ budgets, fixing 8 years of Doyle’s stealing from protected funds and obscenely generous handouts to state union workers (for votes), we’d be in the same situation as Illinois (and Minnesota).
You want to draw a distinction as to how conservatives and liberals deal with economic problems? Just compare Wisconsin and Illinois. Wisconsin conservatives take a state 3.6 billion in debt from DEMOCRATS, pay back our Minnesota debt in the tens of millions, and come out with a projected 300 million surplus, without raising taxes or cutting a single state worker. Illinois libs who’ve been running that state into the ground for decades, thier plan is to massively raise taxes on individuals AND businesses, continue to BORROW billions of dollars leaving taxpayers on the hook in the future for that debt and interest, and also cut thousands of state workers.
That’s the difference. Conservatives - actually make budget changes, pay our debts off, and require state workers to pay for just a small part of their lavish benefits. Liberals - cut workers, raise your taxes, borrow even more money.
Long term, guess which solution makes a hell of a lot more sense?
And I should add, what did it get each states’ governors?
In Wisconsin, where no freaking liberal state union worker got cut, it gets him set up for recall (which will fail).
In Illinois, where a ton of state union workers are cut, and the state is up to its adam’s apple in debt and taxes, not a peep about recalling/removing their democrat governor.
Good points all. I’d say that makes a powerful case for keeping Governor Walker our Governor. Wouldn’t you? ;-)
You would think the vendors would cut the brain dead idiots off. COD or pay your bill or go elsewhere. If I am a business and can’t get paid all the promises and IOU’s mean nothing to me.
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