Thought Illinois has it bad? What until you see what Illinois Democrats are planning.
Jeanne Ives, former GOP gubernatorial candidate and Illinois lawmakers, makes it distressingly clear by warning that in the remaining days in May the Democratic-control state stands ready to pass $38-billion-dollar-plus budgets in two hours.
No time for the rest of us to see what damage it will do to our lives and hopes, no time for detailed analysis by financial experts, no time to fully understand how Illinois is about to be trigged by the one-party oligarchy that is driving Illinois into practical bankruptcy.
First, her description of the awful state of Illinois:
- According to a March report by WalletHub, Illinoisans have the highest effective state and local tax rate by median household income.
- Illinois is the LEAST fiscally solvent state according to a George Mason Study last October.
- In 2018 the fastest growing job sector in Illinois was government. We ranked 46th out of 50th in private sector job growth, growing less than 1 percent. The rest of the nation grew at more than twice our rate. This is despite having the 5th largest GDP in the US and a diverse economic base.
- Outmigration: 5th year in a row where we lost more residents than came in. That is like losing the equivalent of Joliet, Naperville or Rockford.
- Despite record returns in the market, our unfunded pension liability grew again last year. According to Moody’s we owe $400 billion, which is over 600% of our sole-source income and the average in other states is 107%
- The state has not had a balanced budget since 2001.
What the Democrats will push through into law will only screw us more:
- Increase the motor fuel tax from 19 cents to 44 cents (231% increase)
- Increase vehicle registration fees by $50 to $148 (current transportation portion of fee is $98)
- Increase electric car registration to $1,000 from $17.50
- Gas taxes and vehicle fees would automatically increase every year with inflation
- The collar counties of DuPage, Kane, Lake , Will and McHenry could add their own gas tax up to 8 cents
- Cities and counties could add an additional 3 cent tax if they approve union favorable ordinances
The only thing we really need are better roads so we can get the hell out of Illinois faster.
Want to subscribe to the Barbershop? Type your email address in the box and click the “create subscription” button. My list is completely spam free, and you can opt out at any time.