“Governor Junk” is too good to let go without a mention.
As I’ve mentioned previously, Capitol Fax’s Rich Miller in Springfield, Illinois, has a very informative website. Miller is a political leftist, but he’s also a good reporter of inside-information.
Here is the opening of one of his posts yesterday — a lead into what follows — an excerpt from a Wall Street Journal editorial.
A few other headlines follow from other websites — Illinois is a national joke.
Gov. Rauner loves the Wall St. Journal editorial page. That edit board is full of his class of like-minded folks. Back in the day, he would often send around clips from editorials to his pals with his own approving commentary.
I’m not sure he’ll be doing that today, however…
The Illinois Capitulation – Gov. Bruce Rauner cries uncle on taxes and economic reform
Bruce Rauner spent a chunk of his personal fortune running for Governor in 2014 to save Illinois from its tax-and-spend political class. More than two years later it looks like the former private equity star has made better investments.
On Tuesday evening the Governor with the worst job in America explained why he and his fellow Republicans have offered to raise taxes for the sake of ending a multiyear budget impasse with Democrats. He said he’ll accept a four-year increase in the flat state income tax to 4.95% from the current 3.75%, expand the sales tax and implement a cable and satellite TV tax.
This is a political defeat by any definition since Mr. Rauner campaigned on lowering the income tax to 3%, not on restoring the rate close to what it was under the last Democratic Governor. The “temporary” 5% rate partially sunset in December 2014. Democrats who run the legislature refused to negotiate over a budget unless Mr. Rauner agreed to a tax increase, and now they’re refusing to make notable spending or economic reforms in return. […]
The Governor’s capitulation may have been triggered by the latest downgrade by Moody’s and Standard & Poor’s in the state bond rating to near junk status, with a warning that another downgrade could come this summer. Mr. Rauner doesn’t want to run for re-election next year as Governor Junk.
Read more: Capitol Fax
Here are a few more articles of interest:
Illinois’ Fiscal Dumpster Fire Is a Lesson
Gov. Bruce Rauner called it a “banana republic,” and then proceeded to capitulate to Democrat demands.
Illinois Republicans’ Budget Plan Hikes Taxes by $5 Billion
The Republican plan hits Illinoisans in fiscal year 2018 with the same $5 billion-plus tax hike from the “grand bargain” plan that failed in May. That plan starts with a 33 percent income tax increase, and includes questionable new taxes on services such as Netflix, laundry services and more.
7 Reasons the Illinois Republicans’ Budget Plan
The budget plan proposed by Republican General Assembly members would raise taxes by over $5 billion without enacting any significant spending reforms.
Illinois Owes Over $250 Billion in Pension Debt
Moody’s Investors Service cited Illinois’ $250 billion in pension debt and the lengthy budget impasse as reasons for its one-notch credit downgrade.
Image credit: www.illinoispolicy.org.
