Illinois Comptroller: State’s Unpaid Bill Backlog To Exceed $10 Billion By Year End

I’ve been following the State of Illinois’ unpaid bill backlog for some time now, and what State Comptroller Leslie Geissler Munger shared yesterday should be of serious concern to Illinoisans. From her website:

CHICAGO- Comptroller Leslie Geissler Munger on Thursday said the state’s bill backlog will grow throughout the fall and Illinois will enter the New Year with approximately $10 billion in unpaid invoices, resulting in payment delays of at least six months.

The announcement follows last month’s passage of a stopgap budget, which authorized payments that were being delayed due to the state’s year-long budget impasse.

“While the stopgap is a positive step forward, it does not address our larger fiscal challenges. When we look at the numbers we are facing, the realities are sobering,” said Munger, noting the state is on pace to spend $2.5 billion more than it takes in the next six months. “Those severe cash shortages mean my office will continue to perform triage to help those most in need and protect our most critical services.”

“The realities are sobering”

Indeed.

And I’m certain they will eventually result in- wait for it- higher/new fees, fines, and taxes in conjunction with reduced government services for Illinois residents.

There’s the real possibility of a big tax increase coming soon for Illinoisans. Consider the following from investment specialist and Illinois State Representative David McSweeney (R-Barrington Hills) on the website of the non-partisan, independent Reboot Illinois project on July 11:

The recent passage of a six-month unbalanced spending measure will worsen Illinois’ financial problems and likely lead to a massive tax increase.

The approval of a stopgap measure is nothing more than a continuation of the status quo that has made Illinois insolvent. The stopgap bill is a spending plan, not a real balanced budget. Consider this: About 91 percent of state government spending was on autopilot during the budget stalemate. The state has been spending money at levels that are higher than authorized during Gov. Pat Quinn’s administration. Spending continues to be out of control

With the adoption of the stopgap measure, we are ensuring the state’s financial problems will not be addressed anytime soon. Ultimately, we are guaranteeing that the state’s financial health will get much worse, which will make it easier for a tax increase to build momentum in Springfield

(Editor’s note: Bold added for emphasis)

You can read that entire news release from the Illinois Comptroller on her website here.

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Source:

McSweeney, David. “Stopgap Budget Will Likely Result In A Massive Tax Hike.” RebootIllinois.com. 11 July 2016. (http://www.rebootillinois.com/2016/07/11/editors-picks/dmcsweeney/stopgap-budget-will-likely-result-in-a-massive-tax-hike/61341/). 15 July 2016.

Tags: , , , , , , , , , , , , ,

Friday, July 15th, 2016 Debt Crisis, Fiscal Policy, Government, Spending, Taxes

No comments yet.

Leave a comment

Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Successor to Boom2Bust.com
"The Most Hated Blog On Wall Street"
(Memorial Day Weekend 2007-2010)

This Project Dedicated to St. Jude
Patron Saint of Desperate Situations



Please Rate this Blog HERE

happyToSurvive

Advertising Disclosure here. "Code Needed"=Promo Code Found On Advertiser Website. Ad Captions Last Updated 7/20/16.
ANY CHARACTER HERE
Blade HQ Knives New! Blade HQ Reviewed HERE.
ANY CHARACTER HERE
Buy Gold And Silver Coins Silver Rounds 69¢ Over Spot Any Quantity; Secondary Market 100 Oz. Silver Bars 39¢ Over Spot Per Troy Oz., Any Quantity, Free Shipping. BGASC Reviewed HERE.
ANY CHARACTER HERE
BullionVault World's Largest Online Investment Gold Service & Part-Owned By World Gold Council. BullionVault.com Reviewed HERE.
ANY CHARACTER HERE
Free 4-Week Emergency Food Kit w/ 3-Month Emergency Food Supply; Big Savings On "Deal Of The Day" Page. MyPatriotSupply.com Reviewed HERE.
ANY CHARACTER HERE
Survival Titles Save 20% Bladed Weapons, Combat, Firearms, Martial Arts, Military, Police, Preparedness, Self-Defense, Shooting, Survival Titles. Paladin Press Reviewed HERE.
ANY CHARACTER HERE
World's First Bulletproof Baseball Cap Only $129; Bulletproof Ceramic Plate (NIJ Level III Stand-Alone) Only $169; Bulletproof Backpack/Messenger Bag Panel Only $99. BulletSafe Reviewed HERE.
 

Categories

Archives

Prepper Website

RSS Chris Hill’s Other Blog: Offshore Safe Deposit Boxes

  • Related Reading: Strong Demand In Germany For Safe Deposit Boxes
    Back in March and May of this year I blogged about Germans looking to safe deposit boxes to preserve their wealth in a negative interest rate environment. Tuesday night I came across a related article by The Sovereign Society’s editorial director JL Yastine on the Sovereign Investor Daily website. Discussing the subject of negative rates, […]
  • Related Reading: Gold Popular With British Post Brexit
    Earlier today I came across an interesting article on Reuters.com about the popularity of physical gold with British citizens in the wake of the historic “Brexit” vote. Clara Denina reported this morning: Dealers are seeing an unprecedented amount of interest in gold, much of it from first-time buyers, to take advantage of its role as […]
  • Related Reading: Japanese Gold Owners Look To Switzerland For Storage, Protection
    Switzerland still has significant appeal for Asians who own gold. Masumi Suga and Ichiro Suzuki reported on the Bloomberg website July 7: Japanese investors are buying gold to store in Switzerland because of negative interest rates and fears the yen will depreciate as the government grapples with the heaviest public debt burden in the developed […]
  • Related Reading: A Visit To Baoku Treasury, The World’s Largest Private, Non-Bank Safe Deposit Box Facility
    Back on May 18, I blogged about the recent opening of Baoku Treasury, the world’s largest private, non-bank safe deposit box facility. I haven’t come across that much material about the Shanghai, China, private vault in my research, so it was with great pleasure that I spotted an article about Baoku on the Sixth Tone […]
  • Related Reading: Robert W. Wood’s ‘Reporting Cash, Gold And Safety Deposit Boxes On FBARs?’
    Tonight I happened to read an article published on the Forbes website last Thursday entitled “Reporting Cash, Gold And Safety Deposit Boxes On FBARs?” The contributing author was Robert W. Wood, a San Francisco, California-based tax lawyer. It’s an insightful read on a complicated subject, where even Wood noted: Filing without thinking carefully about such […]