The fact that Illinois is broke isn’t new or shocking—it’s what you’d expect when Democrats run the place. What is shocking is that unless Illinois Republican elected officials start showing some leadership, Democrats will maintain control of the state after November’s election.
From Steve Malanga at PublicSectorInc.com:
[Illinois retirement-related] debts are one reason that the state’s auditor general deems Illinois in the worst fiscal shape of any state, with liabilities outpacing assets by about $43.8 billion, according to a new report (see chart of all states’ fiscal positions on jump page). Some analysts quibble, arguing that their state is in even worst shape. In any case, you probably won’t be surprised by the states deeply in the red, according to the auditor’s report.