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Illinois about to implode? $3billion in debt!

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posted on Oct, 7 2009 @ 08:54 AM
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The State of Illinois' pile of unpaid bills has grown to a record-breaking $3 billion. Comptroller Dan Hynes said Tuesday it's never before been this bad at this point in any previous fiscal year. CBS 2 Political Editor Mike Flannery reports that some social service agencies that rely heavily on state reimbursement warn they will soon be forced out of business.

Hynes said that things are likely to get worse before the state's bleak revenue picture begins to improve.

The comptroller reported corporate income tax receipts down $77 million for July through September; sales tax receipts, down $244 million; personal income tax receipts, down $251 million.
cbs2chicago.com...

Yet another state way into the red.
What's the official tally now on failing states?

Which state is next?




posted on Oct, 7 2009 @ 09:04 AM
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Originally posted by warrenb


Which state is next?


Just pick one that the democrats control.

You'll find your answer.



posted on Oct, 7 2009 @ 09:10 AM
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reply to post by warrenb
 


Do you live under a rock?

Haven't you heard? Everything is just great. Economic recovery has started, and there is no reason to worry about a thing!



posted on Oct, 7 2009 @ 09:17 AM
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Just to add. . .








edit to add; sorry, source
www.fivethirtyeight.com...#



[edit on 7-10-2009 by mikerussellus]



posted on Oct, 7 2009 @ 09:24 AM
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Michigan checking in...

We're running on borrowed fumes as well...

State Government is in a ~holding pattern~

They have till Fri/Sat to tackle $1.5B in shortfalls... :shk:

@ mikerussellus: Yep we have one...a her even...

[edit on 10/7/2009 by Hx3_1963]



posted on Oct, 7 2009 @ 09:38 AM
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reply to post by Hx3_1963
 


I was a long-time resident of Illinois, left before it got worse. We have had DOZENS of people call us, (live in Utah now) to ask if there is work out here.

Taxes are just shy of Cali, in Illinois, and just getting worse.



posted on Oct, 7 2009 @ 09:41 AM
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reply to post by warrenb
 


Anyone know how Ohio is doing fiscally? Michigan and now Illinois crumbling like arid clay, how long before Ohio follows in their footsteps?



posted on Oct, 7 2009 @ 11:19 AM
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Originally posted by mikerussellus

Originally posted by warrenb


Which state is next?


Just pick one that the democrats control.

You'll find your answer.


NJ checking in. Democat controlled. Highest population per square mile in the country with the highest property taxes in the country (average of about $7500 per year) and we are still going broke. It won't be long.

Our democrat governor is the former CEO of Goldman Sachs Jon Corzine so I am not surprised.



posted on Oct, 7 2009 @ 11:30 AM
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So while 2600 presumably small businesses are over extending themselves the legislature remains on vacation?


Hynes said he's now getting 2,600 calls a week from creditors desperate to be paid by the state. While the General Assembly is scheduled to reconvene next week in Springfield, no one's even pretending to offer a comprehensive solution to the unprecedented budget disaster. Democrats and Republicans, the governor and legislative leaders all insist that must wait until next year.


What a load of crap. The citizens and business owners should march on Springfield next week !!!!

[edit on 7-10-2009 by venividivici]



posted on Oct, 7 2009 @ 11:38 AM
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Originally posted by warrenb
Which state is next?


Thats what the main fear is. How many states will be in debt?

I guess the main question is...Why are they going broke? Who is ultimately responsible for these states going broke?

I see a reccurring theme here...



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