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Illinois Special Legislation Time Spent In Minutes: House vs Senate Graph with Costs

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Published : June 30th, 2017
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Category : Opinions and Analysis

In Amazing Progress Illinois Style: Welcome to the Obama Expressway! I called attention the special session called by Governor Rauner at a cost of $50,000 per day to Illinois taxpayers.

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.

Mish explains the concept of Illinois progress:

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.

To add to the graph the other day, I’ve got two more days’ worth Day 7 and Day 8.

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

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

Source : mishtalk.com
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IMG Auteur
Mish 13 abonnés
Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com
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