Illinois' budget crisis possibly the 'worst the nation has ever seen'

That's the analysis of  State Budget Solutions, a non-profit organization that advocates the application of more rigorous accounting rules (such as those used in the private sector) to more closely and accurately assessing the states' true financial condition.

The findings about Illinois so alarmed the organization that its president, Bob Williams, issued this warning:

“This report makes it clear that if legislators in Illinois don't act immediately and decisively, their state will be facing a budget crisis that we have never seen before.”

Of course, Illinois isn't alone. The group concluded that the nation's total state debt exceeds $4 trillion.

Anyone have any ideas how to pay it off, other than borrowing more money?

Comments

Leave a comment
  • Were you being sarcastic in the last sentence, or are you now channeling Quinn?

    However, with the reports yesterday of public employees chanting the highly unoriginal "Hey Hey, Ho, Ho..." in the capitol lobby, I don't think that the matter will be resolved short of a Grecian style default.

    At least the CTA Tattler reported that the CTA laid off two of its high functionaries in its Ministry of Propoganda. Maybe after the current CBA ends, the state will see a lot of the similar.

Leave a comment

  • ChicagoNow is full of win

    Welcome to ChicagoNow.

    Meet our bloggers,
    post comments, or
    pitch your blog idea.

  • Advertisement:
  • Visit my new website

    I'm a freelance writer, editor and author. I can help you with a wide variety of projects. Check out my new website at www.dennisbyrne.net

  • Meet The Blogger

    Dennis Byrne

    Chicago Tribune contributing op-ed columnist and author of forthcoming historical novel, "Madness: The War of 1812." Reporter, editor and columnist for Chicago Sun-Times and Chicago Daily News. Freelance writer and editor.

  • Subscribe to The Barbershop

    Enter your email address:

    Delivered by FeedBurner

  • Dennis Byrne’s Facebook Fan Page

  • Categories

  • Like me on Facebook

  • Our National Debt

  • Twitter

  • Tags

  • Recent Comments

  • /Users/dennisby/Desktop/trailer.mp4
  • Latest on ChicagoNow

  • Advertisement: