Steve Malanga on Illinois's ugly financial trajectory. Too many voters thinking our whopper income tax solved this problem. They're not going to be happy.
Illinois' state budget, filled with gimmicks, constructed for years on promises for which there were no revenues, and sustained by borrowing of the type that would make even a loan shark blush, is in serious meltdown mode. Less than a year after the state raised taxes by some $7 billion in the face of a fiscal crisis, legislators in Springfield, whose government qualifies as the fiscal bad-boy of states, have done little to address Illinois' long-term spending and borrowing problems.Good luck to Bill Daley if he runs for Guv trying to explain away Regular Democrats complicity in this mess.