Related: Illinois Has Nation's Largest Budget Deficit. Study Says Deficits For All States Together Will Total $83.9 Billion Next Year
P.S. Hey CBS--please don't make excuses for Gov. Quinn.
More. George Will: Not a State-Broken people. Not yet anyway:
Let's get a sense of the size of our debt. In 1916, in Woodrow Wilson's first term, the richest man in America, John D. Rockefeller, could have written a personal check and retired the national debt. Today, the richest man in America, Bill Gates, could write a personal check for all his worth and not pay two months interest on the national debt. By 2015, debt service will consume about one-quarter of individual income taxes. Ten years from now the three main entitlements - Medicare, Medicaid, and Social Security - plus interest will consume 93 percent of all federal revenues. Twenty years from now debt service will be the largest item in the federal budget.[snip]
It is time for us to understand that the model we share - so far in attenuated form - with Europe simply cannot work. It states that we should tax the rich (a.k.a. the investing and job-creating class), while counting on spending the revenues of investment and job creation. No one has explained to the political class that it is very dangerous to try to leap a chasm in two bounds.