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.