Alexi was being too rosy…
[youtube]http://youtube.com/watch?v=d8SQ_b8FeWE[/youtube]
Hynes puts the figure as high as $9 billion with steady spending down to $6 billion with federal stimulus.
And yes, it’s a horrible time to raise taxes, but the state cannot function without it. We’ve amassed nearly $5 billion in debt that we have carried over and carried over and carried over. The bill is due and while we certainly won’t solve the problem this year, starting a multiyear bonding plan combined with continuing to underfund pensions along with significant tax increases are the only way forward. Avoiding it, as we have done for years on end will only result in bigger deficits down the road.
shhh! don’t tell anybody else … but this was the real reason Blago was impeached. he wasn’t going to play ball with revenue enhancements that the State needs.
but watch Madigan’s folk pass some severely regressive-oriented legislation. the state’s Constitution may limit the ability to screw with the income tax, but a bit of tweakage to both the flat rate and the deductions could build something far more progressive.
first, the gas pump. what will be next?