Just two days ago we wrote about how, despite a budget deal signed back in July that called for a massive tax hike, Illinois' unpaid payables balance had ballooned to a new all-time record high of $16,046,145,423.20 according the comptroller's office (see: Illinois Unpaid Vendor Backlog Hits A New Record At Over $16 Billion).
...which was a 3-fold increase over the past two years.
Back in July, the state of Illinois narrowly avoided a junk bond rating with a last minute budget deal that included a 32% in hike in income taxes. Republican Governor Bruce Rauner vetoed the budget and called it a "disaster," but both houses of the state legislature voted to override his veto. Meanwhile, S&P and Moody's were apparently both convinced that the budget deal was sufficient for the state to remain an investment grade credit and all lived happily ever after, if just for a few months. Per CNN:
Authored by Nick Giambruno via InternationalMan.com,
Over 3,000 millionaires have fled Chicago in recent months.
This is the largest outflow of wealthy people from any US city right now. It’s also one of the largest outflows of wealthy people in the world.
But it’s not just millionaires… Every five minutes someone leaves Illinois.
Submitted by Austin Berg, of IllinoisPolicy.org
Illinois’ jobs growth was worse than every neighboring state, and half the neighboring state average from June 2016 to June 2017, according to a new report. Data released July 27 by the Illinois Department of Employment Security, or IDES, reveals Illinois’ jobs growth from June 2016 to June 2017 was 0.9 percent, compared with a national average of 1.5 percent.
Authored by Adam Andrzejewski via Forbes.com,
The 'Big Dogs' of local government in Illinois.
Illinois is broke and continues to flirt with junk bond status. But the state’s financial woes aren’t stopping 63,000 government employees from bringing home six-figure salaries and higher.