The most portentous election of 2014, which gave the worst-governed state its first Republican governor in 12 years, has initiated this century’s most intriguing political experiment. Illinois has favored Democratic presidential candidates by an average of 16 points in the past six elections. But by electing businessman Bruce Rauner it initiated a process that might dismantle a form of governance that afflicts many states and municipalities.
Rauner, 58, won his first elective office by promising to change Illinois’s political culture of one-party rule by entrenched politicians subservient to public-sector unions. This culture’s consequences include:
After more than a dozen credit-rating downgrades in five years, Illinois has the lowest rating among the states. Unfunded public employees’ pension liabilities are estimated, perhaps conservatively, at $111 billion, the nation’s largest such deficit as a percentage of state revenue. Currently, public pensions consume nearly 25 percent of general state revenues. The state owes vendors $6.4 billion in unpaid bills, and more than 1 million people have left Illinois for less dysfunctional states in the last 15 years. Debt per resident is about $24,989, compared with $7,094 in neighboring Indiana.
Read the rest here.
The End of the Modern World
12 hours ago
No comments:
Post a Comment