…at least partially, and again over Democrats’ intransigence with fiscal responsibility. Tom Corfman, of Crain’s Chicago Business:
The financial situation in Illinois has been dire for a number of year. What brings it to a head is the election of Governor Bruce Rauner, a Republican with a strong agenda to change the state. At the same time, he faces opposition from the Democratic legislature and their constituents.
Indeed. Rauner won’t agree to any tax increases unless the Democrats agree to making the state more friendly to business: which means reducing Illinois’ regulatory environment, reducing spending (including on the Teachers Union’s schools), and reducing taxes generally, especially on businesses.
But those Democrats have to have their spending. Never mind that the state has the nation’s lowest credit rating, the nation’s most underfunded state pension system, and the nation’s largest deficit at the state level.
It’s only money.