Governor $750 Million Gap

About to unveil his budget for next year, our very own Governor Rod Blagojevich faces a $750 million gap in this year's budget. Tribune:

Rising costs of Medicaid and state worker pensions coupled with a slowdown in revenue growth provide the makings of an ominous financial picture going into the budget year that begins July 1. Interest income also will tumble because of the drop in rates for investments, according to Treasurer Alexi Giannoulias.

Who could have predicted this?

UPDATE: Illinois makes the WSJ's top 5!..Top 5 departure states:

The United Van Lines study finds that the biggest population loser last year was Michigan, where two families moved out of the state for every new family that moved in. Americans are also fleeing New York, New Jersey, Ohio, Pennsylvania and Illinois. Without interviewing the departed, it's impossible to know the reasons for this outward migration. No doubt overall economic prospects, climate, quality of life and housing prices play a role.

But one reason to conclude that taxes are also a motivator is because the eight states without an income tax are stealing talent from other states.

UPDATE: Dan at Reverse Spin, "Dems ruin state economy"

Related post: Rezko on the Radar for Obama. And, in honor of the day: Governor No Lincoln