It’s shocking to see the budget horror stories coming out of two of the nation’s leading states. Illinois and Connecticut are in fiscal freefall, and their leaders are taking the exact wrong approach in their misguided efforts to turn things around. If they were smart, they would look to the example of states like Florida to discover how to weather fiscal storms.
Illinois faces a staggering budget gap of close to $10 billion, a crisis worsened by a state pension program funded at just 37% and credit downgrades that leave the once-proud state just one step above junk status. Saddled with their blue-state mentality, Illinois lawmakers are doing what they do best, trying to solve the problem by raising taxes — somehow thinking they can dig their way out of the hole they’ve created.