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Public Unions Bankrupt Illinois

Phil323 Wrote: Apr 24, 2012 5:01 PM
For a while now we’ve seen that pension liabilities are severely underreported (http://on.wsj.com/qB3BON), and in the end, it’s the taxpayers that suffer as a result, especially in states like Illinois (http://nyti.ms/p9JEUG). Until these compensation contracts aren’t hijacked by unions and partisan politics (http://bit.ly/o2vxdp), these issues will continue to persist until inevitable insolvency.

Governor Pat Quinn rammed through the largest tax hikes in Illinois history last year. On January 13, 2011, Governor Pat Quinn signed off on a 67% hike in personal income taxes and a 46% hike in corporate taxes.

The result is not what the governor thought. Businesses have fled, more have threatened to leave and Quinn responded with sweeteners. Moreover, Illinois pension plans are still the worst funded in the nation, and the state is still struggling to pay bills.

Bloomberg reports Illinois ‘Treads Water’ as Unpaid Bills Top $9 Billion

Illinois’s backlog of unpaid bills has risen to more than...

Related Tags: Unions Illinois