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The backlog of unpaid bills owed by the State of Illinois is $9.3 billion as of today.

But wait, didn’t we borrow from the future to fix this problem? And wasn’t last year’s tax increase that “saved the state” last supposed to take care of it?

Yes, just the recent bond sale made for that purpose plus matched federal funds netted $8.8 billion. Applying that against the earlier record high of $16.7 billion means the the backlog today should be under $8 billion. It’s not.

So, where’s the effect of the tax increase?

You didn’t really think that solved anything did you? Count on the bill backlog to continue to increase.

Mark Glennon is founder and Executive Editor of Wirepoints.

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Mr. Common Sense

The tax increase money will go right into the pension accounts.

nixit

I remember in 2011 when I thought, “OK, I’ll pay more taxes for 4 years if it means the problem will be solved.” Fool me once…

Not only did it not solve anything, it actually further harmed the State by deception. People really believed a positive thing happened when in fact the State further committed financial malpractice. Illinois is almost beyond any conceivable sign of hope or recovery … in my kids’ lifetimes.

Keith

The recovery will happen when the pensions collapse in the state, assuming everything else hold up around them in the world. However, I doubt your kids will have to worry about Illinois only, as the entire global economy will most likely collapse while they live anyway. It is game over for everyone then.