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Monday, April 23, 2012

Public Unions Bankrupt Illinois: Unpaid Bills Top $9 Billion as Comptroller Reports "State Treading Water"; Mish's Eight-Point "Bold" Plan to Save Illinois

Illinois is a dying state. The 67% hike in personal taxes and the 46% hike in corporate taxes failed to generate revenues. Meanwhile, public sector unions continue to plunder Illinois while driving out businesses.
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.
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Mish's Global Economic Trend Analysis

Judy Morris,
Blogger, THL
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