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FSN: Illinois Governor Backs Away From No Tax Hike Pledge; Clueless Rauner Has Few Ideas
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
by Mike “Mish” Shedlock
MISH’S Global Economic Trend Analysis
It’s par for the course for politicians to back away from campaign pledges. But one might have at least expected that Republicans would not consider tax hikes.
Unfortunately, even that modest assumption is suspect as Governor Rauner Set to Inherit Illinois’ Sea of Red Ink.
Illinois faces a sea of red ink because shrinking income tax revenue will fail to keep pace with rising pension and health insurance costs, according to outgoing Gov. Pat Quinn’s latest three-year budget forecast.
The projections from the Office of Management and Budget warn that the estimated $4.1 billion bill backlog expected at the close of fiscal 2015 could grow to $9.9 billion in fiscal 2016, $15.7 billion in fiscal 2017, and reach $21.3 billion at the close of fiscal 2018.
At the same time, a general funds deficit of $180 million this year will rise to more than $5 billion in the coming years.
Continue Reading at GlobalEconomicAnalysis.Blogspot.ca…
Source: http://silveristhenew.com/2015/01/11/illinois-governor-backs-away-from-no-tax-hike-pledge-clueless-rauner-has-few-ideas-2/
