I demand a recount. According to George Mason University’s Mercatus Center, Illinois ranks 47th among the states in the health of its fiscal condition. It falls behind (ahead of?) Puerto Rico, Connecticut, Massachusetts, and New Jersey. From the Mercatus Center’s discussion of Illinois:
On the basis of its fiscal solvency in five separate categories, Illinois ranks 47th among the US states and Puerto Rico for its fiscal health. On a cash basis, Illinois has between 0.63 and 1.39 times the cash needed to cover short-term liabilities. Revenues cover 99 percent of expenses, producing a deficit of $40 per capita. On a long-run basis, a net asset ratio of −1.14 indicates that Illinois is reliant on debt financing to cover spending. Liabilities exceed assets by 48 percent, producing a long-term liability per capita of $6,067. Total debt is $35.55 billion. Unfunded pension liabilities are $298.05 billion on a guaranteed-to-be-paid basis, and other postemployment benefits (OPEB) are $34.49 billion. These three liabilities are equal to 61 percent of total state personal income.
Long-run solvency is where Illinois really shines: it’s ranked 49th there (better off only than Puerto Rico and New Jersey).
I would be remiss in not pointing out that Illinois is entering its second year without a budget. If there is no budget, there is no budgetary problem—amiright or amiright?
Heh. Screw current ratios. Long term is what counts, especially since “long term” is pretty short term. We need to borrow and our credit rating is all but junk.
I saw your earlier comment re: Rauner. That’s fair enough, but when you have entrenched interests behaving like their careers were at stake – oh, they are – who have simply declared they will spend, or tax and spend when taxing is driving people, the financiers, out of the state, then someone simply has to say “no.”
I have never seen in my professional career an uncoached management team who didn’t have to finally come up against a lender or turnaround guy who just said no. Otherwise the band aids and spending excuses simply went on forever…………until the bug hit the windshield.