Education Matters US

Truth In Accounting has the following on Illinois financial troubles:

The revised numbers indicate that Illinois’ unfunded promises for state employees’ health care benefits now exceed $39.9 billion. As of June 30, 2007 this amount was calculated to be $23.9 billion. We have yet to determine why this liability went up by $16 billion in one year.

Illinois is also the worst offender in funding pensions [Emphasis mine]:

The worst case was Illinois, with a $54 billion gap between the cost of the benefits it had promised to pay retirees over the next 30 years and the amount it had set aside.

“Recessions and investment losses played smaller roles in the creation of this problem,” said Susan K. Urahn, the center’s managing director. “To a significant degree, the $1 trillion gap reflects states’ own policy choices and lack of discipline.”

The State Legislature has a spending problem and have for years. The taxpayers cannot and should not bail them out again with a tax increase. They have proven over and over again, they cannot be trusted with more of our money.