President’s Management Advisory Board
You know the state of Illinois has real fiscal challenges when a member of the U.S. President’s Management Advisory Board (PMAB) says that’s the case. Greg Brown, President and CEO of Schaumburg-based Motorola Solutions, spoke to Crain’s Chicago Business last week and said the following about his company’s relationship to the Midwestern state:
Illinois remains front and center for us for a variety of reasons: incumbency, skills that are resident, our existing footprint. It’s Illinois’ to lose, but Illinois is on a path to lose it. The state of Illinois is asleep at the switch, and the day of reckoning will come. You can’t have the state’s fiscal house being what it is and be able to attract capital. If Illinois kicks the can and stays in a four-corner offense, then capital will move out of state, including ours. I’ve had governors of Florida and Michigan proactively call me and say: “Would you consider moving a division, opening a plant? Would you consider moving R&D here? Would you deploy a sales division here?” Illinois doesn’t think like that. It needs a complete overhaul. It needs to happen soon.
Judging by the continued inaction in Springfield (seat of Illinois government) on issues of significant fiscal importance to the state and its 12.9 million residents, something tells me that can will keep being kicked down the road until the “day of reckoning” Brown talked about finally arrives.
In the meantime, the State of Illinois continues to languish.
Consider what Ted Dabrowski, Vice President of Policy at the Illinois Policy Institute, wrote back on November 28 on the organization’s website:
Today, Illinois still has more than $9 billion in unpaid bills. The Legislature continues to run structural deficits, appropriating more funds than the revenues it receives. The state’s pension systems are more than $200 billion in the hole and facing insolvency. And the state has been downgraded 10 times by the three major rating agencies since Gov. Quinn took office.
I am truly concerned about what lies in store for the “Land of Lincoln” going forward.
Pletz, John. “Motorola’s CEO on taxes, tablets and why Illinois is dying.” Crain’s Chicago Business. 24 Dec. 2012. (http://www.chicagobusiness.com/article/20121222/ISSUE01/312229987/motorolas-ceo-on-taxes-tablets-and-why-illinois-is-dying). 26 Dec. 2012.
Dabrowski, Ted. “Forget reform: Illinois legislators want to borrow $4 billion.” Illinois Policy Institute. 28 Nov. 2012. (http://illinoispolicy.org/blog/blog.asp?ArticleSource=5283). 26 Dec. 2012.
Please Rate this Blog HERE
5,782 People Visited Last Month
307,026 Visited 11/22/10-5/31/13
- Peter Schiff: Fed ‘Bluffing’ With Talk Of Tapering QE
- Illinois Right-To-Carry Deadline Extended Again
- Jim Rogers: Chinese Stocks Are ‘Getting Closer To A Buy’
- Illinois Concealed-Carry Latest: Attorney General Lisa Madigan Asks For Second Extension Of Deadline
- Bloody Father’s Day Weekend In Chicago: 8 Killed, 39 Others Wounded By Gunfire
- Quote For The Week
- Lloyd’s Of London Releases Chilling Report On Solar Storm Risk To North American Electric Grid
- Illinois State Rifle Association’s Synopsis Of Illinois Concealed-Carry Bill
- Jim Rogers: Chinese Yuan Could Appreciate 500 Percent In Next 20 To 30 Years
- World’s Largest Active Bond Manager Predicts More Than 60 Percent Chance Of Global Recession In Next 3 To 5 Years
- Editor on Seen On The Streets, Part 8
- Neil Trout on Seen On The Streets, Part 8
- Editor on Quote For The Week
- Randy on Quote For The Week
- Editor on RSS Feed Setting Changed
- anonymous on RSS Feed Setting Changed
- Editor on A Lesson For Preppers From ‘The Twilight Zone’
- zooeyhall on A Lesson For Preppers From ‘The Twilight Zone’
- Editor on Quote For The Week
- Editor on Chicago Reporter Goes Off Anti-Gun Reservation