State Budgets

Illinois Must Dig Itself Out Of The Fiscal Ditch

Finger-pointing is rampant in Illinois as the state’s credit rating has been downgraded by S&P and Moody’s to near junk status, the lowest ever for a state. Without a significant policy shift in the direction of fiscal responsibility, don’t be surprised when worldwide headlines announce that Illinois is the first state in America to fall into the junk bond category. As the state approaches an unprecedented two years of operating without a budget, rather than blame political squabbling, the focus should be on fixing the state’s big-government policy prescriptions that are killing economic growth and opportunity. It should come as no surprise that businesses and citizens continue to leave the Land of Lincoln in droves. The credit rating agencies are right to question Illinois’ ability to pay its bills, as the tax base flees to other states. A change of direction, one in which government lives within its means, is necessary if Illinois ever plans to dig itself out of this fiscal ditch.

Read the article in full from Townhall.


In Depth: State Budgets

Smart budgeting is vital to a state’s financial health. The ALEC State Budget Reform Toolkit offers more than 20 policy ideas for addressing today’s shortfalls in a forthright manner, without resorting to budget gimmicks or damaging tax increases. One way to stabilize budgets over time is to embrace…

+ State Budgets In Depth