Anyone who's heard the late night tv ads promoting filing for bankruptcy over applying for consolidation loans has heard that those consolidation loan scams don't work 75 percent of the time. Maybe Governor Quinn and the Democrats don't watch late night tv and see those ads. That's why they're playing with the idea of borrowing another $15 billion with hopes of getting Illinois' immediate unpaid bills taken care of -- except that instead of paying for those bills immediately as the revenue comes in, as most states strive to do, we'll be paying those bills off for the next 30 years.
Does anyone know if we've yet paid off the $10 billion borrowed when Blagoejvich was governor? Who can forget State Senator Chris Lauzen warning that Illinois was committing to a high interest loan to buy groceries? Those groceries long gone, and we're still paying for them. But apparently, it's either borrow $15 billion or hike state income taxes "temporarily" to "raise revenue" and "fill in the gap."
No self-respecting, financially-wise family or business would borrow time and time again to pay for a spending addiction or a family member's shopping compulsion. Everyone in a business suffers when the owners are desperate and choose short-sighted spending or poorly-advised investments. Belt -tightening, layoffs, contract concessions, postponed raises and bonuses are all a part of making it through rough times, anticipating better days ahead.
Why isn't that the way the state runs its budget? Why should taxpayers be held responsible for elected officials' fiscal irresponsibility?
Another $15 billion in debt, with no signs of dumping non-functioning agencies, programs or personnel, and Illinois digs its grave just a little deeper. If the Democrats choose to go that route, let's hope the Republicans stay firm and don't throw in a few votes to tie us all together as we fall into a bottomless pit.
Here's one of those crazy ads from another state, but you get the idea ...