Illinois Looks Like A Sinking Ship

Posted By on April 23, 2012

So, the revenue grows but the ship still sinks….Inquiring minds want to know how it can be fixed?

In Illinois, the backlog of unpaid bills has risen to more than $9 billion because of pension costs and falling federal aid, leaving the state “essentially treading water,” Comptroller Judy Baar Topinka said.

While revenue grew from higher personal and corporate taxes, “Illinois’ financial position has not improved,”Topinka said in a report today. The combination of unpaid bills to vendors and Medicaid obligations, is now estimated at $8.5 billion in January.

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