Illinois’ nightmarish budget situation could get even scarier in the not-too-distant future... Amid the huge backlog of bills and unpaid pension obligations, the state also has borrowed more than $2.2 billion from the federal government to pay unemployment benefits to laid-off workers.
And now, the bill for that borrowing — an estimated $250 million in interest — is about to come due.
In the next few months, Illinois and other states will have to figure out how to repay the money to the feds, while also attempting to craft a plan to replenish their depleted unemployment insurance trust funds.
..."It really is the ticking time bomb," says Mark Denzler, government relations chief for the Illinois Manufacturers Association, which represents large business interests in the Capitol.
So far, the Democrats in Congress have used a leaf-blower to dispense cash to the most irresponsible states -- like Illinois and California -- with money borrowed from taxpayers in more prudent areas. But the laws of economics can't be ignored for long.
Trick question: what do you get when you tolerate decade after decade of unchecked Democrat rule?
Ponzi scheme after Ponzi scheme -- like Social Security, Medicare, "Great Society" and lesser versions like this one at the state, county and city levels as well.
Oh -- but it's for the children.
Illinois voters better turn the tables on the Chicago 'machine' and its ilk, before it's too late.
Related: A History of Corruption in Chicago, Featuring Your Favorite Union Hacks, Trial Lawyers, Petty Bureaucrats and Democrats. But I Repeat Myself.