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Despite higher tax receipts, Illinois' stack of unpaid bills rises, now totaling more than $9B,...

  • Monday, April 23, 2012, 2:48 PM ET
    Despite higher tax receipts, Illinois' stack of unpaid bills rises, now totaling more than $9B, reports the state comptroller. A loss of federal funding and a decision to use cash instead of bond issuance to finance pension contributions are the culprits, she says. Through 2010, the state had the lowest-funded state pension in the country, at just 45.4% of obligations.
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This news story has 8 comments:

  •  
    "A financially suicidal habit of spending and promising to spend way more money than the state could afford to spend is the culprit, she says."

    There. Fixed it for you.
    23 Apr 2012, 02:57 PM Reply Like
  •  
    Just moved out of IL. So should everyone else. Unless, of course, you don't have a job, then IL is the place to be (after California).
    23 Apr 2012, 03:13 PM Reply Like
  •  
    Illinois is the a-hole of the country. Just like Greece, these money problems won't go away without structural changes in government spending. One of the little known facts about Illinois politicians is that they always serve three terms, two in office and one in prison.
    23 Apr 2012, 03:22 PM Reply Like
  •  
    Isn't Illinois where one of our recent presidents comes from?
    23 Apr 2012, 03:39 PM Reply Like
  •  
    >>and a decision to use cash instead of bond issuance to finance pension contributions are the culprits,

    Ah, ha! Culprit!! Issue bonds to infinity and beyond and there will be no deficits. When they come due, issue more bonds to pay off. You never have to make a real payment. How sweet it is!
    23 Apr 2012, 03:40 PM Reply Like
  •  
    Unless there is no one interested in buying the bonds. Why do you think IL did not issue more bonds? Someone outside of IL wised up.
    23 Apr 2012, 06:13 PM Reply Like
  •  
    Speaking as a Wisconsin resident... Illinois is like having hillbilly neighbors. They don't cut their grass. They don't keep their house up. And they have a lot of junk in their front yard which makes the whole neighborhood look like sh*t. It's not a pretty picture. However, I'm sure the honest and trustworthy Illinois government structure will find a way out of this mess. hmmmm. Actually, when I think about this some more, they appear certainly doomed to live in tax hell for the next 30 years. Have fun!
    28 Apr 2012, 04:25 PM Reply Like
  •  
    WisPokerGuy, the good news is that IL has been successfully exported the worst of its thug politician's to DC. The bad news, now they can affect a lot more people including Wisconsinites.
    28 Apr 2012, 10:35 PM Reply Like
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