Dennis Byrne on how Illinois Democrats and their allies in the press oversold the effect of the massive tax increase they rammed through in the middle of the night:
“. . .The new revenues will produce $6.5 billion. That amount has to cover a $15 billion budget deficit. Failing a miracle of loaves and fishes, it won’t work . . . Billions in delinquent bills will remain unpaid. New borrowing of $8.75 billion was supposed to take care of that, but even Democrats didn’t have the stomach to swallow that one . . . Pensions? The state passed a provision for some $4 billion just to pay this years obligations to the drowning pension funds. There’s nothing to whittle down the $80 billion (or whatever) that the state already owes the pension funds, and nothing to ensure future payments into the system.”
Illinois Democrats decapitated the state and are now patting themselves on the back for putting a bandaid on the gaping wound.