Lets count all the ways that Illinois has
distinguished itself.
No other state has gone without a budget for as
long as ours 22 months. And with each month we
are setting a new, personal best. Only in
Illinois.
Truth in Accounting, an Illinois based nonprofit
organization which seeks to explain the morass
of public accounting, reported that each
Illinois taxpayer would have to contribute
$50,400 in order for the state to make up the
shortfall in its budget. How does that compare
with other states? Once again, we are
essentially in a class of our own. The 50-state
average shortfall for 2016 is $21,309.09. We
exceed the state average by more than 50
percent.
If you want to have a closer look at Truth In
Accountings Data Base, you can find a treasure
trove of information here. By the way, in 2015
we were the third worst state, behind New Jersey
which had a shortfall of $59,400 and Connecticut
which was second at $49,000. Illinois ranked
third for that year at $45,500. On the other
hand, we have far more taxpayers than either of
those states. Person by person, dollar for
dollar, we are in a class by ourselves.
Illinois credit rating is headed towards junk
bond status. No one is expecting the state to
default because it is servicing its debt. High
interest rates on that debt is one reason the
states deficit continues to soar. Bloomberg
provides these details in a recent April 21 article.
Higher education in the state is being seriously
threatened as budget cuts have sliced days off
the academic year and enrollments are starting
to drop.
In the meantime, no one quite understands where
this is headed, what is the end game, when does
it end and how will it end. With those questions
swirling in the minds of every Illinois
taxpayer, pols are lining up for the 2018 race.
And in the good to know category, CNBC ranked
the state as the 24th best place for business in
2016 (19th in 2015) and Forbes ranked it as the
33rd best place for business (38th in 2015).
Not bad for a state that doesnt pay its bills.