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Economics

Illinois Budget Crisis Blows Millions on Interest

Written by Joe Scudder

The financial hole caused by the Illinois budget crisis is only getting deeper.

The Illinois budget crisis means that millions upon millions of dollars are being spent on nothing but interest. These lost dollars are the price of 16 billion dollars in unpaid bills. So by spending massively more than their revenue base will allow, Illinois politicians have lost control of the budgetary process.

Reuters reports, “Illinois’ unpaid bill backlog hits a record $16 billion.

Illinois’ pile of unpaid bills topped $16 billion for the first time as the state deals with the fallout of an unprecedented two straight fiscal years without complete budgets, the state comptroller’s office reported on Tuesday.

The bill backlog is growing despite the enactment of a fiscal 2018 spending plan and income tax increase in July that ended a budget impasse between Illinois’ Republican governor and Democrats who control the legislature.

“What is going to take this backlog down is the borrowing,” said Abdon Pallasch, spokesman for Democratic state Comptroller Susana Mendoza.

Read the entire Reuters story.

The views expressed in this opinion article are solely those of their author and are not necessarily either shared or endorsed by EagleRising.com


About the author

Joe Scudder

Joe Scudder is the "nom de plume" (or "nom de guerre") of a fifty-ish-year-old writer and stroke survivor. He lives in St Louis with his wife and still-at-home children. He has been a freelance writer and occasional political activist since the early nineties. He describes his politics as Tolkienesque.

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