Tuesday, March 2, 2010

Barack Obama's home state of Illinois "near the point of fiscal disintegration"

If you think California is in bad shape financially, Barack Obama's home state of Illinois isn't much better off. Forty-six percent of their $28 billion budget is a deficit.
Barack Obama's home state of Illinois is near the point of fiscal disintegration...

The state has been paying bills with unfunded vouchers since October. A fifth of buses have stopped. Libraries, owed $400m (£263m), are closing one day a week. Schools are owed $725m. Unable to pay teachers, they are preparing mass lay-offs. "It's a catastrophe", said the Schools Superintendent.

In Alexander County, the sheriff's patrol cars have been repossessed; three-quarters of his officers are laid off; the local prison has refused to take county inmates until debts are paid.

On top of this, the Chicago Tribune has reported Illinois has the poorest funded pension systems in the nation. Soon, Illinois may run out of budget gimmicks and financially disintegrate.

No comments: