EXTRA: $1 Billion?!?

Falling from the 'fiscal cliff' ...

Crain’s Chicago Business came up with an intriguing figure Friday.

If our national government falls over the so-called “fiscal cliff,” Illinois stands to lose $1 billion.

AT LEAST THAT’S what state Comptroller Judy Baar Topinka thinks.

She told the business publication that if the federal government has to impose a series of financially harmful measures because of the inability of political people to reach a deal on their own, the state will lose about $500 million in federal grants.

After all, something will have to be cut. Also, Illinoisans would lose some $500 million collectively in income taxes – because we’ll have to pay more.

Just a little more catastrophe to have to cope with, at a time when our state’s Legislature is supposed to be returning next week for a few final days of action and they’re supposed to try to resolve the pension funding problems that Illinois has long been confronted with.

THAT IS ANOTHER problem where political people seem to be incapable of reaching agreement.

For as state Rep. Thaddeus Jones, D-Calumet City, said recently, there are several options under consideration by the General Assembly that could work. “Some of them aren’t even completely draconian,” he said.
 

... and into the state pension morass

Yet our legislators can’t seem to come to agreement on what option to consider. It makes me think the Illinois Legislature is a perfect training ground for our Congress – particularly when it comes to political procrastination!

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