Great summary of our situation in Illinois.
California stood more or less unchallenged as a symbol of the fiscal collapse of states during the recession. Now Illinois has shouldered to the fore, as its dysfunctional political class refuses to pay the state’s bills and refuses to take the painful steps — cuts and tax increases — to close a deficit of at least $12 billion, equal to nearly half the state’s budget.
state’s income tax burden is not terribly high — Illinois ranks in the bottom half of states — and its government is not terribly large.
Click on the following for more details: Payback Time - Budget in the Red, Illinois Has Stopped Paying Bills - NYTimes.com
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