By Ben VanMetre, Illinois Policy Institute -
During a House Executive Committee meeting this week, one round of testimony began with the argument that Illinois is in a fiscal crisis because it has $9 billion in unpaid bills. That argument couldn’t be more backward.
Illinois’ crisis is due to habitual overspending, that results in unpaid bills.
Unfortunately, the recent “solution” offered up to reduce Illinois’ unpaid bills would make things worse. Lawmakers want the state to borrow $4 billion from the bond market to pay down a portion of the $9 billion stack of unpaid bills.
Illinois lawmakers, addicted to borrowing and overspending, are asking for a second mortgage to pay down the state’s maxed-out credit card. Freeing up space on the credit card will just allow lawmakers to max it out again. ...More HERE