Posted on 01/12/2015 10:14:13 AM PST by Kaslin
It's par for the course for politicians to back away from campaign pledges. But one might have at least expected that Republicans would not consider tax hikes.
Unfortunately, even that modest assumption is suspect as Governor Rauner Set to Inherit Illinois' Sea of Red Ink.
Illinois faces a sea of red ink because shrinking income tax revenue will fail to keep pace with rising pension and health insurance costs, according to outgoing Gov. Pat Quinn's latest three-year budget forecast.Clueless Rauner Has Few Ideas
The projections from the Office of Management and Budget warn that the estimated $4.1 billion bill backlog expected at the close of fiscal 2015 could grow to $9.9 billion in fiscal 2016, $15.7 billion in fiscal 2017, and reach $21.3 billion at the close of fiscal 2018.
At the same time, a general funds deficit of $180 million this year will rise to more than $5 billion in the coming years.
Quinn, as he unsuccessfully pressed lawmakers last year to make permanent the 2011 tax hike, warned lawmakers that years of progress would be reversed if they expired.
Facing an election, lawmakers balked and adopted a fiscal 2015 budget that is now $750 million short of the actual funding needed to support costs.
The task of balancing the current budget that runs through June 30 and dealing with skyrocketing red ink falls to Gov.-elect Bruce Rauner, who has warned that state finances are in even more dire shape than he thought. He has, at least temporarily, backed away from his campaign pledge not to extend the higher rates.
Rauner, who defeated Quinn in November, takes office Monday and his budget is due Feb. 18 unless he asks for a delay. The Republican faces veto-proof Democratic majorities in the General Assembly.
Rauner has so far offered only general ideas for balancing the state's books. A 10-point fiscal blueprint released during the campaign called for trimming $1 billion in spending, cutting state purchasing and cracking down on Medicaid eligibility, among other ideas.
Shrinking revenue is at least in part due to high taxes. Raising taxes will further shrink revenue but, hey, it’s the intention that counts!
Well that didn’t last long.
Remember Illinoisans, you don’t have to stay in place and shoulder that $25k/resident state debt.
Democrats run that state, they spend like there is no tomorrow.
Cut spending.
Of course they’re talking new taxes. Illinois is frigging broke. The states indebtedness is in the tens of billions. Gas stations are refusing to take the state troopers fleet gas cards due to late or nonexistent payments. Illinois is Detroit writ large.
CC
They voted their "wealth" in and it was a phoney vote to begin with
I'm dealing with this problem here in Penn with the teacher's union ....
They voted the pension percentage hikers in and there was no money to cover the hikes
My answer .... tough
Some jagoff sideswiped me last night and I lost my driver's mirror ... an electric one .... the guy ran and I chased him, but I didn't get turned around fast enough yada yada ...tough.
That's the way the cookie crumbles
(I have a $500 deductable, anyway)
FIXED IT.................
Can you say BAILOUT boys and girls?...............I knew you could..................
So much for that hope.
Politicians feeling shame? As likely as me joining the Communist Party (D). Although, until I change my voter registration to independent next week, I could be considered a member of the Socialist Party (R).
In the case of Illinois the state Constitution is indeed a suicide pact.
Gosh! I sure hope they don’t have him on film somewhere saying, “Read My Lips: No New Taxes!” Or something silly like that!
*SMIRK*
” but, hey, it’s the intention that counts!”
Reusults are so boring, anyway.
Illinois also has one of the most generous welfare states in the nation. They could start there.
Every Illinois republican should have known, for at least the past year, that Bruce Rauner is as liberal as many Democrats. He wants to increase the sales tax and minimum wage. He’s pro-choice, and he agrees with the law that allows illegal aliens to get driver’s licenses.
Identify every democrat pensioner and tell him ... tough.
Identify all the democrat pensioners and tell them ... tough.
We live in Illinois now because my husband needed to take a job close to work in order to receive a hefty hiring bonus. Once our lease here is up, we are moving over to Indiana, which is a very short drive from us (we are looking at Terre Haute, which would make his commute about 30 minutes). We can’t afford to buy anything here. We found a perfect $150,000 home in the town we are currently that was move in ready and walking distance to all of the kids’ schools. Taxes are $4400/year on the thing. No way we’re paying $350/month in property taxes. I grew up in Indiana anyway and most of my family (and some of my husband’s) is there.
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