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California’s Misery Has Company

Posted by Larry Doyle on July 6, 2009 4:34 PM |

While California has just issued IOU’s at 3.75% (not sure they’re worth the paper they’re written on), the Golden State has plenty of company in terms of fiscal misery. This CNBC interview with Alexi Giannoulias, Illinois State Treasurer, addresses the depths of the fiscal disaster in that state.

In listening to Treasurer Giannoulias describe the extent of the mess in Illinois, it begs the question as to how things could get so bad over such a long time period.

A $9 billion budget deficit and $75 billion pension shortfall spells a lot of pain for the residents of Illinois. Say hello to increased taxes and cuts in services.

At some point, the corrupt politicians in Illinois may want to stop treating a variety of programs as personal piggy banks.


  • lizzy

    It is sad that our state politicians won’t take responsible actions. We New York residents have been treated to the most ridiculous political theater by our Senators. Have you heard anything about what is going on in India LD? I heard that the Mumbai market was down because of problems with debt. I hadn’t heard anything before; I am always interested in international markets. There hasn’t been much coverage of the G-8+ meetings either.

  • I have only heard a passing mention of the situation in India but your reference compels me to check further.

    I think the G-8 does not start until later this week.

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