by Mish

Rauner called the special session because Illinois is heading into its third fiscal year without a budget.

In State Taken Hostage, Mary Pat at the Stump commented on my “progress” article while adding graphs that show what Illinois taxpayers are getting for their money.

Progress Illinois Style

  1. Illinois has been without a budget for two years and its bonds, already the lowest in the nation, face a downgrade to junk.
  2. On June 15, Illinois Governor Bruce Rauner called a special 10-Day legislative session to finalize a budget.
  3. We are now in the eighth day of the special session.
  4. The Special Sessions Cost Illinois Taxpayers $50,000 a Day.
  5. The special sessions have lasted from 10 to 23 minutes at the longest.
  6. Progress was announced yesterday: My sources tell me that by an 84-0 vote, part of I-55 will be renamed the Obama Expressway.

Graphs From the Stump

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Illinois About to Enter Third Fiscal Year Without a Budget

Illinois is about to enter its third fiscal year without a budget. The fiscal year ends June 30.

Pop the corks. That will be a new national record.

Hope Against Hope

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Our only hope at this point is that Madigan asks for so much that Rauner regains his sanity.

On the off chance that sanity prevails, I once again outline what Illinois needs.

Five Desperately Needed Reforms

  1. Municipal bankruptcy legislation
  2. Pension reform
  3. Right-to-Work legislation
  4. End of prevailing wage laws
  5. Workers’ compensation reform

Bankruptcy, the ONLY Solution

Number one on my list of Illinois reforms is bankruptcy legislation. It is the only hope for numerous Illinois cities strapped with impossible-to-pay pension liabilities.

As part of any budget package, Rauner must demand municipal bankruptcy legislation. Bankruptcy is the only solution for Illinois that works.

The system is simply too broke to fix.

End the Special Session

Rauner has vowed to keep the special session alive until there is a budget.

He should send them home until they agree to pass bankruptcy reform and end collective bargaining for public unions.

Mike “Mish” Shedlock

Amazing Progress Illinois Style: Welcome to the Obama Expressway!

Yesterday, in response to alleged “progress” on Obamacare I penned Mish’s Rule of Progress.

Illinois Taxoholics Wear Down Rauner: Massive Tax Hikes In the Works

Total capitulation by Governor Bruce Rauner is in the works. The taxoholics wore him down.

Governor Rauner Screws Illinois

Illinois governor Bruce Rauner caved in on tax hikes and got absolutely nothing in return.

Illinois General Assembly Retirement System Only 13.52%

Despite a massive rally in the stock market, Illinois public pension liabilities continue to grow.

Cook County Illinois Suffers Largest Population Drop In Entire US

Illinois voters are voting with their feet. Not only are people scrambling to get out of Cook County, but the entire state is suffering.

Welcome to Illinois (Where Every 5 Minutes Someone Moves Out)

Illinois has the worst migration statistics in the nation. Every 5 minutes, someone decides to leave.

About the “Fair Tax for Illinois”: How Much Will It Cost Your Family?

The Illinois Gov. seeks a constitutional amendment to change the tax code. He calls it a "fair tax". Don't be fooled.

Tracking the Great Escape from Cook County and Illinois

Cook County Illinois has the largest population loss of any county in the nation. Chicago represents just over half of the population of Cook County. Here is a graph I put together of the “Great Escape” from Illinois.

Illinois Budget: What it Does and Doesn’t Do (Surprise Giveaway to Muni Bondholders?)

Illinois now has a budget, the first in three fiscal years. An excellent writeup on The Stump entitled Illinois Financial Disaster: Even More Reactions to the Budget explains what passage of the budget does and does not do.