Illinois Is ‘Draining its Savings Account’? Better Check the Numbers. – WP Original
“Financial watchdogs” fretting over a “rainy day fund” that’s almost meaningless, in more ways than one. By: Mark Glennon* “Illinois drains state’s savings account due to budget crisis” was the headline on an Associated Press article yesterday. It was widely republished across Illinois today. Somebody needs to wake up and take a broader look at the money on hand in the Illinois Treasurer’s office. The most recent balance posted by that office (as of the end of July) is $14 billion, up from $12.2 billion just three months ago. Not that it matters, however, because even