State lawmakers sent Gov. Pat Quinn a spending framework for the state budget before departing on Thursday.But in their budget proposals, lawmakers did not address the fundamental problem afflicting state finances - state expenses are far outpacing the amount of money the state is receiving.
But don't worry, Illinois-ians (puh!), your beloved Democrat governor says that a 33% tax increase is just what the doctor ordered!
Sheila Weinberg, CEO of the watchdog Institute for Truth in Accounting, said the budget package passed by lawmakers is not only irresponsible - it's illegal.Weinberg believes the General Assembly should not be able to pass unpaid bills from one fiscal year to the next... Illinois has about $6 billion in overdue bills to state vendors, according to the State Comptroller's Office.
So if you're one of the many unfortunate and unpaid suppliers to Illinois, don't worry: the state legislature could very well decide to pay you in 2011 or thereabouts.
On Thursday, the Illinois Senate did not vote on a proposed $4 billion borrowing plan with proceeds going to the state's five public employee pension systems... Lawmakers don't have to borrow funds to make the pension contribution, but using $4 billion from state revenues to go toward state pensions would cause serious cash-flow problems in other areas of state government, such as education and human services.
Illinois is borrowing to pay off its current debts, which is somewhat akin to paying off a credit card with another credit card.
Legislators who pull this kind of crap at any level of government should be thrown in a shark tank. Where the sharks have frickin' laser beams on their heads.
The legislature could choose to leave the pension, but pension schemes should sell products bearing and the loss of tens of billions of dollars over several years.
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