Tuesday, May 4, 2010

The State Budget Nightmare


By Woods Bowman

The Illinois state budget is like the Nightmare on Elm Street movies – progressively more horrific sequels that seemingly never end. Maybe this time it will have a happy ending, but I doubt it.

The 2010 crisis is the result of a chronic budget imbalance. Spending has been growing faster than revenue, so slash-and-burn spending cuts that don't lower growth in spending and tax increases that don't increase growth of tax receipts will provide but temporary relief.

There are three things citizens should know about the state budget.

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