Message warning from Illinois comptroller

originally posted by: TamtammyMacx
The property taxes in IL are already absurd. It's not like we live in the Rocky Mountains, California, or on the Florida coast. A lot of people and businesses are moving out. IL Powerball and Megamillions sales are shutting down on Friday because of the crisis. There was talk last week about surrounding states absorbing the defunct state of IL. Most of the tax dollars go to Chicago anyway. Maybe Chicago should be detached from IL and labeled a district like the District of Columbia. The District of Chicago.

Can you imagine how quickly that would deteriorate?

I can see the boat people of Chicago floating across Lake Michigan ...

originally posted by: ketsuko
Can you imagine how quickly that would deteriorate?

I can see the boat people of Chicago floating across Lake Michigan ...

Eeeek!

We need to get some torpedoes ASAP!

originally posted by: TamtammyMacx
The property taxes in IL are already absurd. Maybe Chicago should be detached from IL and labeled a district like the District of Columbia. The District of Chicago.

That's actually a good idea!

a reply to: carewemust

I doubt at a provisional unratified bill will be enough to avoid the critical downgrade to junk.

Primarily because no details exist in any legislation.

It's basically an idea not actually a budget. If it were a full budget that missed the ratification deadline, they might be cut some slack, but this... Is nothing

And it means entering dangerous territory: The state comptroller will be unable to cover basic services ordered by courts, road construction and Powerball ticket sales could halt, and the state's credit rating could be downgraded to "junk."

The fiscal morass is the longest of any state since at least the Great Depression, with Illinois ringing up a $6.2 billion annual deficit and a $14.7 billion stack of past-due bills.

Democrats who control the Legislature said the latest proposal would be fueled by a $5 billion income tax increase and $2.4 billion in spending reductions. Revenue details have yet to appear in the legislation,

I live near Springfield and a lot of people i know are employees of the state. I have been warning some of them that their pension isn't going to be what was promised, it's just not mathematically possible. Every one of them is just 100% certain that they will get 80k a year for the rest of their life.

Another problem is the handouts available for low-income families. More than 40% of households receive some benefit from the state. Dozens of new homes have been built in the last 5 years in my rural county alone, with a long list of applicants. Able bodied people are living off the system, free housing, food, etc. and they don't have incentive to change. When a person uses all the available programs they can live pretty comfortable, just without putting in the 50 hours a week. I work hard and pay a lot in taxes and for what? So I can keep up with the freeloaders?

I wouldn't mind to see the state go bankrupt and the pensions reformed. Some people are going to get hurt but they can't just keep crushing the average taxpayer.

Session has ended for tonight, no budget. I guess it would be asking too much for the politicians to work a little overtime to get something done. Maybe at least Illinois will become the model of what not to do for everybody else..

You reap what you sow.

No deal tonight. The deadline will pass at midnight. With all penalties in effect.
They'll reconvene tomorrow.

The state of Alaska just went through this.
We were all watching to see if there was going to be a state shutdown or not because if there was, the fishing industry would of taken a serious blow.
The state had even sent off layoff notices to employees because it didn't look like it was going to pass a budget.
They ended up passing one at the last minute.

It will probably be the same for Illinois.
The state loses way to much revenue during a shutdown and makes everything a lot harder to recover from,
so I bet they pass something.

a reply to: Virole

Will their prisons close tho?

The State of Maine is in the same boat as well.

a reply to: Darkblade71


Was Alaska in THIS bad of shape?

""Illinois has compiled $14.6 billion in unpaid bills. It’s running a deficit of $6 billion, and its pension liability has soared to $130 billion.

That’s not the worst of it. The state’s 720 days of failing to pass a budget has sent its bond ratings careening toward junk level, downgraded a staggering eight notches below most other states."

How Illinois Became America's Failed State: www.politico.com...

originally posted by: flatbush71
The State of Maine is in the same boat as well.

No wonder Senator Susan Collins is willing to do her part, and let the entire ObamaCare Repeal-Replace bill fail, if she doesn't get a few billion dollars for Maine out of the legislation.

originally posted by: carewemust
a reply to: Darkblade71


Was Alaska in THIS bad of shape?

Our revenue situation is in worse shape than Illinois' is, thanks to the oil price fiasco. That said, we have a bit more wiggle room currently because of a Congressional Budget Reserve nest egg and our Permanent Fund.

The base issues are identical, however. Half the legislature wants the earners to save the world from itself and spend huge amounts on expenditures which don't return any value to the earners like a wild goose in winter and the other half wants to keep giving subsidies to the oil companies while cutting to the bone on everything else. It's easily fixed, really... eliminate the oil subsidies in full and cut spending on social programs and other areas that don't directly equal improving Alaska's economy straight to the bone... problems solved, state solvent, let the good times roll, but that doesn't appease either party's masters or their Kept Voters.

a reply to: Darkblade71

We only have an operating budget. There is no capital budget and the asshats gavelled out for summer recess. Juneau, once again, sets the bar low and still can't get over it without looking like incompetent twits. Folks can say what they want about Captain Zero, but the legislature was far less dysfunctional under his rule than what we've seen with Walker, who is clearly a few dogs short of a team.

a reply to: carewemust

I think Alaska's deficit is around 4 billion.

Not nearly as high.

a reply to: burdman30ott6


Understood. At least Alaska has legal reasons for the deficit. Illinois money was stolen year after year by a tangled web of crooks.

originally posted by: Darkblade71
a reply to: carewemust

I think Alaska's deficit is around 4 billion.

Not nearly as high.

Aren't each of these states just smaller versions of what the U.S. Government is enduring, from a financial perspective?

One day I'll have to learn why the Federal government doesn't just print more money for itself. If you or I could do that, we'd live high off the hog.

originally posted by: TamtammyMacx
The property taxes in IL are already absurd. It's not like we live in the Rocky Mountains, California, or on the Florida coast. A lot of people and businesses are moving out. IL Powerball and Megamillions sales are shutting down on Friday because of the crisis. There was talk last week about surrounding states absorbing the defunct state of IL. Most of the tax dollars go to Chicago anyway. Maybe Chicago should be detached from IL and labeled a district like the District of Columbia. The District of Chicago.

Having lived in the Chicago area most of my life this idea is not unfamiliar to me. I have said for years the only way Illinois will ever survive is if Chicago is cut from the state and left to fend for itself. It wont of course, but that isn't my problem. Without the anchor Chicago has become Illinois would do just fine.

Many state programs have already been cut in recent years. My property taxes are going up almost 10% to help cover the massive debt of Chicago...and I DONT LIVE IN CHICAGO. Even neighboring counties are being tapped to help bail out Cook county. I guess the logic is that instead of having one county drown in debt we should drown them all...

originally posted by: burdman30ott6
a reply to: Darkblade71

Walker, who is clearly a few dogs short of a team.

HAHA!

originally posted by: prevenge
a reply to: Virole

Will their prisons close tho?

No the emergency services such as fire departments and law enforcement including prisons will remain in effect although without discretionary spending.

So things like canines and convicts, job training, ECT, would be defunded