Includes “Hand-wringing politicians have been saying for years there is a revenue problem in the state. That’s not true. There’s an expenditure problem in the state. Years of unchecked spending have put Illinois in its deepest financial chasm ever and resulted in everything from months-long delays in paying bills to lowered credit ratings that mean borrowing money costs millions more than it would another state.

We’re at the point now that the net cumulative deficit for the state is now just shy of $50 billion — triple what it was in 2007. Illinois owes more than it owns at this point, according to the State Data Lab, a project of Truth in Accounting. As one of the top five “sinkhole states” — those with the highest per-taxpayer debt left after all available assets are spent — it would take having every taxpayer pitch in $43,400 — up $1,200 from just a year ago — to get the state back on solid financial footing.

For those who like statistics, that would be about 93 percent of the average taxpayer’s personal income. That is further compounded by the side effect of people fleeing from the state in significant numbers and businesses locating in the state in insignificant numbers. So where does all this lead us?  Likely to a showdown in January, when Governor-elect Bruce Rauner takes office and tries to prevent a financial derailment. …”

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