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Tuesday, June 27, 2017

Illinois' Junk Budget

By Douglas V. Gibbs
AuthorSpeakerInstructorRadio Host

There's nothing like reality to show how dangerous and damaging liberal left policies can truly be.

After a long history of liberal left control, Illinois' budget has sent the State into a position where their credit score is now headed for "junk" status.

That means the cost of borrowing is going to go even more sky-high than before, and digging out will only be accomplished by cutting spending, because taxpayers can't get them out of the hole.

Suddenly, panic has set in.  The Illinois State legislature is going into special session to figure out what to do, after years of no budget.  They face $130 billion in unfunded pension obligations and a backlog of unpaid bills worth $15 billion.

They are seeking “bold reforms,” such as a transition from pensions to 401(k) plans.  I am figuring austerity regarding "benefits" is on the horizon, as well.

A new sense of urgency even has Democrats willing to do things they wouldn't normally be willing to chase.

In fact, the impossible is about to happen.  The Democrats are considering a Republican plan for a budget.

That means going after tax cuts, term limits, and a cap of spending.

Oh, the horror.

-- Political Pistachio Conservative News and Commentary

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