Ever since he won the Nov. 4 election, Gov.-elect Bruce Rauner has been sounding warnings about the budget danger facing Illinois.
In December, he said the current state budget is "booby trapped" -- it relies so heavily on accounting tricks and borrowing that it all but ensures major trouble next year. Rauner said Gov. Pat Quinn and the Democrats in the General Assembly used accounting tricks to move and hide $1.4 billion in spending in the fiscal 2015 budget. This included counting as "revenue" $650 million that was borrowed from special state funds and will have to be repaid in next year's budget...
Rauner, who takes office on Jan. 12, supported allowing the tax rate to fall as scheduled. He also has said he wants to reduce the personal tax rate from its current 3.75 percent to 3 percent by the end of his first term. He and his supporters believe lower tax rates, a restructuring of the state sales tax system and business-friendly reforms in Illinois law revive the state economy and restore its financial health.
If those things don't happen, Illinois is heading down a troublesome road. Check out exactly how troubled with a map at Reboot Illinois.
Also happening when Rauner takes office next week--many of Quinn's staffers will be out of a job soon after the governor is. Quinn's Chief of staff Ryan Croke told employees the governor-elect would not be keeping most of them on past Jan. 19. See the letter from Croke, obtained by the Illinois Observer, at Reboot Illinois.