How liberalism mismanaged the state of Illinois
Mark Kirk:
Illinois, the Land of Lincoln, boasts the 17th largest economy in the world. So how has the state that CEO Magazine ranked 10th among best "States to Start a Business" fallen to 47th?Other states have also screwed up, but the pattern is clear. Liberalism does not work. Spending too much does not translate to "investment."
The state's budget numbers tell the story:
• $9 billion in unpaid bills, with many small-business vendors providing interest-free loans to the state for six to 12 months.
• $4.2 billion pension obligations owed in 2012.
• Highest unfunded state liabilities in the nation — over $62 billion.
• A $1 billion, or 8%, increase in the 2010 deficit projection — to $13 billion from $12 billion the year before.
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