Can Illinois even have a balanced budget now? (Chicago, Time: sales, credit card)

[ToriaT]

This may be a dumb question but how can Illinois have a balanced budget if it has such huge pension liabilities? It would seem to me that to get a balanced budget the pensions would have to be factored in and that would not leave any money for important programs and to run the state.

I routinely get messages from people on Facebook exhorting me to call the governor and tell him we need a balanced budget...or Call mike Madigan and tell him to balance the budget...well how can they ever really do it if there is this huge pension thing to be paid off? Its like a mantra.....

At this point they have just delayed till January...should the state budget and fiscal woes really be at the hands of do nothing politicians or should a professional board of financial people be brought in to figure out how to realign things to get out of this mess???

I know its important to have balanced budgets but we are literally a day late and a dollar short on that...at this point, is it even desirable or possible to have a balanced budget?

[MSchemist80]

Frankly there is no reasonable level of revenue/taxation that can make Illinois solvent given its current structure and pension liabilities. The numbers are just unreal, it is like a janitor owing 1 million in credit card debt. I don't see how they can pay a portion without destroying the economy and having people and businesses flee in droves even compared to the level of people that are already leaving. It is not just the state but most local levels of govt are in similar dire straits. If they all start trying to tax their way out they will literally be left with no citizens or businesses left.

I've already started doing all of my shopping online and in Lake/Du Page to protest Cook Co and have completely ruled out home ownership in IL.

[Maintainschaos]

Originally Posted by McdonaldIndy

Time to pop the popcorn and watch the show from the safety of Indiana.
Pass the Coke please

How patriotic. You're a peach. With citizens of the U.S. like you, there's just *so* much hope for the future

[Maintainschaos]

Originally Posted by McdonaldIndy

You know whats not patriotic? Electing over and over again the same crooks that have run the state into the ground.

Actually, engaging in the U.S. electoral process is pretty darn American!

[ToriaT]

We need to get rid of Mike Madigan. I can't see how he gets re elected. What do the citizens see in him?

[IrishIllini]

Originally Posted by ToriaT

We need to get rid of Mike Madigan. I can't see how he gets re elected. What do the citizens see in him?

Mike Madigan deserves to rot in hell. How he sleeps at night is beyond me.

[damba]

Sad but true, even the higher taxes alone cannot fix it, the hole is so deep. It unfortunately would have to be an IL state constitutional amendment that reduces the pension payouts.

OTOH, no- sorry to pop your bubble. Some smart people are not leaving because they realize their will be future business opportunities here by weathering the storm longer.

Originally Posted by McdonaldIndy

It can but it will require insanely destructive taxes.
Something like a 7-8% income tax
9% state sales tax (13%+ for Chicago)
Even higher property taxes. As if having the highest property taxes in America wasn't good enough for Illinois.
Maybe some new crazy kind of taxes.
Cloud taxes, Parking lot taxes (Chicago is already talking about it), A tax on farts, A tax on using public restrooms, A criticize the crooks tax (Charge you $1 for every time you bad mouth the crooks that run the state)

Fortunately smart people are getting out of the state.
Time to pop the popcorn and watch the show from the safety of Indiana.
Pass the Coke please

[MSchemist80]

The state is in total crisis and the only thing that can save it is a major constitutional convention with changes, restructuring, and renegotiation with regards to the structure of govt and govt workers. Unfortunately Rauner has tried to push modest reforms but the Dems will not go for anything except taxing their way out of this. It looks as if even he is ready to give up on the state.

[IrishIllini]

Originally Posted by MSchemist80

The state is in total crisis and the only thing that can save it is a major constitutional convention with changes, restructuring, and renegotiation with regards to the structure of govt and govt workers. Unfortunately Rauner has tried to push modest reforms but the Dems will not go for anything except taxing their way out of this. It looks as if even he is ready to give up on the state.

By Dems you mean Madigan and his cronies. I suspect many in the State Legislature understand that there's no feasible way to tax you way out of this. Bankruptcy is the only viable option at this point, whether we like it or not. (We don't)

[ToriaT]

Could/should Illinois be put into receivership??