Illinois: a failed state


Writer and economist Stephen Moore, a native Illinoisan, writes that:

* Nearly one of three state tax dollars in Illinois now goes to paying pensions for retired municipal and state employees.

* The Illinois government recently announced that its treasury had insufficient funds to pay off the State’s lottery winners.

* Illinois was the home of such iconic mega-employers as Caterpillar, Sears Roebuck and the Chicago Mercantile Exchange. But today, “the rich” are fleeing for Florida, Arizona and Texas.

* The City of Chicago is now at “junk bond” status with regard to further credit.

See Moore’s column here.