Trying it their way, IV
January 25, 2012
Several weeks ago we took a look at Illinois. We decided to look again because things have gone from very bad to considerably worse. Little did we know The Wall Street Journal would do a big part of our work for us.
In a Friday editorial, theJournal noted that even after massive tax increases enacted to avoid the kind of reforms adopted in Wisconsin, Illinois state finances are still a mess, the state’s credit rating was downgraded to the lowest in the nation, and the most prized possession of reform opponents, government employee pensions, are underfunded by more than half.
Last Thursday, Chicago’s WBBM Radio reported that state government simply isn’t paying its bills and regardless of the tax hikes that were supposed to put Illinois back on a sound financial footing, there’s no sign of things getting anything but worse.
WBBM reported that some state lawmakers are suggesting the solution is to borrow more money. That will be even more difficult—or at least more expensive for taxpayers— thanks to the endless parade of previous legislative actions destroying the state’s credit.
Sunday’s Chicago Tribune weighed in with an editorial spelling out that the balanced-budget-through-higher-taxes ploy was a load of bunk and named the lawmakers who voted for it, urging citizens to retaliate at the polls.
Watch for “The Simpsons” one of these weeks to come up with a joke about Illinois state government being hard to reach because “they live in their car.”
And remember Democrats were driving Wisconsin down the same road a little more than a year ago.