Illinois has now had it's 3rd straight fiscal year without a budget. Even if you don't know much about finance, you can tell that Illinois is going to be in some deep financial trouble. Illinois has $15 billion worth of unpaid bills. That is about 40% of the state's operating budget. Now Illinois is very close to a junk credit score rating
Even their lawmakers admit that they're unable to manage their money. It's starting to hurt the education system to. Illinois says that raising taxes won't work because they say it causes the reckless spending of money to continue. It's going to be difficult for Illinois to recover from this. It's good they're not taking the greedy solution to this problem so they can give the people a break to.
Well, let's all wish Illinois good luck so that one day they can keep running the state. I know I haven't gone into to much detail about this so you can read more about it here: http://www.marketwatch.com/story/illinois-on-brink-of-becoming-first-state-rated-junk-if-budget-crisis-not-averted-2017-06-30
Well I will see you guys next time, and have a good day!
Sources:
http://www.marketwatch.com/story/illinois-on-brink-of-becoming-first-state-rated-junk-if-budget-crisis-not-averted-2017-06-30
