Illinois, one of the most liberal states in the nation, has now found itself in a financial hole that's going to be extremely difficult to dig itself out of. Illinois taxpayers paying billions to ‘manage’ debt January 9, 2014 SPRINGFIELD, Ill. — Illinois taxpayers realize the state is buried in debt. Illinois’ worst-in-the-nation pension systems alone owe at least $130 billion, but now comes a new warning about the high cost of simply managing that debt. In her latest fiscal report, Illinois Comptroller Judy Baar Topinka warns that Illinois will see billion dollar payments in interest on the state’s exploding debt. “(Last year) Illinois spent $1.45 billion on its general obligation bonds’ interest alone,” Topinka wrote in the December Fiscal Focus report. “Every dollar spent on interest is a dollar not spent on some other pressing need.” The state rushed to borrow to pay for roads, bridges and schools, but that at least left the state with something to show for its spending, she writes. Borrowing for pensions has left little more than debt. “Spending priorities really suffer,” said Cory Eucalitto, author of State Budget Solutions’ fourth annual report on state debt. “That’s bad for taxpayers who expect a quality education for their children and all of the other state services.” Eucalitto’s newly released report details sky-rocketing debt in all 50 states. The 50 states combined owe $5.1 trillion in debt, mainly for public pensions. Illinois is among the worst offenders. The Land of Lincoln is in the top five when it comes to debt per capita ($25,959), debt in relation to state spending (727 percent) and unfunded pension liability ($254 billion). State Budget Solutions uses a far less optimistic formula to calculate pension funding and total debt than does Illinois and most other states. Illinois, Topinka notes, has been on a borrowing spree. The state has borrowed $16 billion in the past four years, including two pension bond sales in 2010 and 2011.Topinka uses numbers that are substantially lower than the figures from State Budget Solutions. The comptroller lists Illinois’ debt total at $127 billion and puts the state’s unfunded pension liability at $97 billion. With increased debt comes increased payments. Illinois will pay $1.6 billion in interest on pension debt in the coming year, on top of a $6 billion pension payment. “In the last 10 years, the state of Illinois has issued $17 billion in (pension debt) that will not be completely paid off until 2033,” Topinka writes in her report. “For the majority of those years, taxpayers will pay $1 billion in debt service.” Eucalitto said taxpayers may notice the $1 billion interest payments, but he thinks the $17 billion in debt will be forgotten. “The regular budget process focuses on balancing an annual budget, no matter, in a lot of cases, what the cost is,” Eucalitto said. Until taxpayers demand a new budgeting process, and new spending priorities, debt at the state level will continue to grow at an alarming pace, he said. http://watchdog.org/122841/illinois-taxpayers-paying-billions-manage-debt/
Why are you even bothering to bring something like this up when Christie is having a press conference at this very moment lying about his involvement in this most heinous political scandal in decades? Bridgegate is going to sink his 2016 ambitions and you want to talk about Illinois? Get real.
Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie!
Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie! Christie!
U.S. Attorney Expected To Open Preliminary Inquiry In Chris Christie Bridge Scandal Reuters | By Victoria Cavaliere Posted: 01/09/2014 11:14 am ES TRENTON, N.J., Jan 9 (Reuters) - New Jersey Governor Chris Christie announced on Thursday he had fired a top aide at the center of a brewing scandal that public officials orchestrated a massive traffic snarl on the busy George Washington Bridge to settle a political score. The announcement came as the office of the U.S. attorney in New Jersey said it would launch an inquiry into claims that Christie's staff was behind the traffic jam after a local mayor declined to endorse Christie's re-election bid. "I am embarrassed and humiliated by the conduct of some of the people on my team," Christie said. "I am who I am, but I am not a bully." Christie said he has dismissed his deputy chief of staff, Bridget Anne Kelly. U.S. Attorney Paul Fishman has opened a probe into the lane closures, his spokeswoman said. "The Port Authority Office of Inspector General has referred the matter to us, and our office is reviewing it to determine whether a federal law was implicated," Rebekah Carmichael said in a statement. The controversy erupted with the public release of incriminating emails showing that a top aide to Christie played a key role in closing some lanes to the bridge, in a ploy to punish the Democratic mayor of Fort Lee, New Jersey. The George Washington Bridge, one of the busiest spans in the world, connects New York City to Fort Lee. The abrupt four-day lane closures in September caused hours-long traffic jams and held up the passage of school buses and ambulances. The incident threatens to tarnish Christie's image and national standing as he weighs a 2016 bid for the White House. Christie said at his news conference on Thursday that he had been misled by his staff and knew nothing of the lane closings before they occurred. He also said he was "blind-sided" by the emails. In the most damning email, Christie aide Bridget Anne Kelly, wrote to a Port Authority executive in August, saying: "Time for some traffic problems in Fort Lee." The executive, David Wildstein, replied: "Got it." In another message sent amid the gridlock, an unidentified author wrote: "Is it wrong that I'm smiling," and Wildstein responded: "No." (Writing by Edith Honan; Additional reporting by Ellen Wulfhorst; Editing by Paul Thomasch and Gunna
Hey, you guys are just like FOX. They don't want to talk about Christie either... REPORT: Fox News Buries Christie Bridge Scandal With Less Than 15 Minutes Of Coverage The day a major scandal broke involving New Jersey Governor Chris Christie, Fox News devoted scant coverage to the developing story. On January 8, Fox devoted less than 15 minutes to the New Jersey bridge closure scandal, compared to more than two hours each on CNN and MSNBC.
