Graph for the Day for August 25, 2011
"We have an emergency, a fiscal emergency... Our state was careening toward bankruptcy, fiscal insolvency. Even in the last couple of months, the situation got seriously more dire. So the governor has to act at the moment. And that's what I did." Illinois Governor Pat Quinn, upon passage of a 67% tax increase at end of lame duck session, January 12, 2011.
"Democrats argued the tax increase was needed to rehabilitate the state's deadbeat image, but Republicans predicted it would drive businesses out of state." The Chicago Tribune, January 12, 2011.
Source: Illinois Policy Institute.
Hoven's Index for August 25, 2011
Illinois taxpayers' debt from borrowing: $44.7 billion
Illinois taxpayers' unpaid bills: $7.4 billion
Illinois' unfunded pension & retiree health care liabilities: $140 billion
Illinois debt per household: $40,000
Source: Illinois State Treasurer.
Graph of the Day Archive.
See also this.