Illinois at Tipping Point

NO surprise, bad government, corruption, and liberal policies have destroyed the state. First there was a report of the Illinois heading over a cliff and its clear the state is a wreck.

CHICAGO, March 2 /PRNewswire/ -- The State Finance Task Force of the Civic Committee of The Commercial Club of Chicago released an updated report today which states that Illinois' "financial position has deteriorated dramatically" in the past two years, and that Illinois is now nearing a "financial tipping point" beyond which the State could face loss of businesses, investment, and jobs. The report is available at www.civiccom.org.

A little over two years ago, the Civic Committee issued a report entitled, "Facing Facts: A Report of the Civic Committee's Task Force on Illinois State Finance." That report provided an in-depth analysis of the State's financial condition, highlighting dramatically increasing liabilities associated with funding pensions and health care costs for State employees and retirees, and growing Medicaid costs. The group called on State leaders to address these escalating obligations so that they "would not become a huge burden to future generations."

In its new report, the Civic Committee finds that the State's annual budget gap has grown to over $8 billion. In addition, the State's unfunded obligations have risen to $116 billion or more.

"Although our original report was widely praised for its frank and accurate assessment of the situation, not one of our recommendations has been seriously pursued," said W. James Farrell, Chairman of the Civic Committee's State Finance Task Force and retired Chairman and CEO of Illinois Tool Works. "In the intervening years the situation has become dramatically worse, snowballing to the point of an immediate crisis."

"We are nearing a financial 'tipping point' where businesses and citizens in general may start to steer clear of Illinois or even to leave it in order to avoid having to bear the compounded burden of the deferred costs of the past and the normal operating costs of future years," said R. Eden Martin, President of the Civic Committee of The Commercial Club.