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.
“Read my lips...”
The worst is really typos when we get to commenting too fast. I have been in such a hurry to post a comment that I finished my rushed typing and hit POST and what I put up was gibberish because my hands were over by one key on the keyboard.
My wife and I are not "young people" but I could make a living myself in Viet nam. My wife could make a very good living in Viet Nam and would love it but she won't leave Hometown to find out and I won't leave her. One of my daughters will probably go with her husband to Peru or even Viet Nam. I hope they will go ahead and make that move this year. He has worked in Peru and she has been to both countries and could work in Viet Nam and probably Peru.
I'm proud to say I voted for Bill Brady in the primary and the (pro-life) Libertarian in the general election.
I voted for Treasurer Rutherford in the primary. Rauner is pro-choice. Brady and Dillard voted for the law that allows illegals get driver’s licenses. I voted for Chad Grimm in the general election.
Personally, I didn't mind the corrections, but it occurs to me, you are the first I've experienced in many years
Keep up the good work
“Illinois also has one of the most generous welfare states in the nation.”
Wow, sometimes it feels like half of Chicago and Gary Indiana have moved up to Minneapolis-St Paul to collect welfare benefits.
That explains all the muslims there... To get on the dole?
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