Illinois Financial Crisis

Illinois Financial Crisis To Worsen Due To Poor Leadership

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In this blog, we will cover and discuss the Illinois Financial Crisis to worsen due to poor leadership and incompetence by JB Pritzker and state lawmakers. Illinois’ Financial Crisis is expected to worsen when the state will be in a worst financial situation than ever before. Illinois ranks as the highest taxed state in the nation. Illinois ranks as one of the worst financially managed states in the U.S. `The state is being run like a Ponzi Scheme.

Fix Illinois Financial Crisis Worsen: Ranks One of the Highest Taxed States In The Nation

No matter how much taxes are being increased, the state is being run into the ground with bigger deficits every year. The state was always mismanaged. However, with the election of political newcomer JB Pritzker, Illinois’s economy was in a downward spiral like never before. The 5’5″ 500-pound obese JB Pritzker did not waste any time increasing taxes on over 20 existing taxes. The heavyset overweight first-term governor pissed off both Democrats and Republicans by doubling the state’s gas tax.

Increasing And Creating New Taxes To Fix Illinois Financial Crisis

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From day one, Pritzker was proposing changing the state’s flat tax to a progressive tax system. What is he thinking? Pritzker said he will use his business expertise in fixing Illinois financial crisis. He said someone needs to be the bad guy. He said he will take the blame and be the bad guy and fix Illinois’ financial crisis that has been plaguing the state for decades. Many Illinoisans voted for Pritzker due to his billionaire status and being the heir to the Hyatt Hotel Fortune.

JB Pritzker Turned Out To Be Bad Businessman

JB Pritzker is worth an estimated $4 billion dollars, Many Illinoisans thought Illinois got lucky and got a Donald Trump of their own: A savvy billionaire businessman who was going to make Illinois GREAT AGAIN!!!. Boy did JB Pritzker fool everyone. JB Pritzker is no Donald J. Trump. Just the opposite!!! Pritzker’s leadership skills are next to nonexistent. JB Pritzker ranked as one of the least popular governors in the nation

Cause Of Illinois Financial Crisis Worsen

The Illinois Financial Crisis did not start overnight. Illinois has a long time history of mismanaging money and budget deficits. Illinois ranks as the most corrupt state in the nation. Six Illinois governors got indicted and charged with public corruption. Four of the six indicted governors were convicted and served time in federal prison.

Pritzker Tax Fraud Scheme

JB Pritzker and MK Pritzker got caught in a tax fraud scheme just four months into Pritzker’s first term as governor. Pritzker’s tax fraud investigation is still ongoing and has spread to the Cook County Assessor’s Office. Longtime Chicago Alderman Edward M. Burke was indicted for public corruption.

Michael Madigan Under Criminal Investigation

House Speaker Michael Madigan is currently under federal criminal investigation for bribery and corruption with his role with Commonwealth Edison. Madigan has not been charged yet. Public corruption is costing Illinoisans more than $550 million every year. Illinois is led by Democrats. Chicago has had a Democrat machine from the first Mayor Richard Daley days. Patronage hiring is still commonplace in Chicago and Springfield. Many patronages hire make over six figures, have a great lifelong job working for the city, county, state, and can retire with a lifetime pension. Tens of thousands were hired through patronage hiring. In Chicago, it is not how qualified you are but who you know. The good ole boy’s network existed for decades. Not years but decades.

Broken Pension System And The Need For Pension Reform

One of the main reasons for Illinois’ financial crisis is due a broken pension system. Pensions are killing taxpayers. The pension system is broken. The governor can fix the pension system. To change the pension system and get pension reform, it requires changes to the Illinois state constitution. However, the governor and state Democrats are afraid to do so. Why are the governor and state Democrats afraid of pension reform? The reason is the governor and Democrats need the votes.

Spending More Money Than Tax Revenues

Democrats are heavily reliant on unions and public employees for their votes. In the meantime, the state is being run by an incompetent freshman governor and a rookie Chicago mayor who are absolutely clueless, lost, and are running Illinois into the ground at an alarming rate. JB Pritzker is hands down the worst governor in the history of Illinois. Never in history has the state been on a major economic downturn like it has been today. Illinoisans had enough. We are seeing more and more Illinoisans flee to other lower-taxed states.

Pritzker’s Priorities On Social Versus Economic Reform 

It is ridiculous how JB Pritzker and Lori Lightfoot are more concerned about the rights of BLM, climate change, pro-abortion, and defunding the police than they are about the economy and well-being of Illinois. JB Pritzker is politicizing the coronavirus pandemic for his own personal gain. Pritzker is set out to brand his name on a national level because he wants to be on the Democrat presidential ticket for 2024. Pritzker is trying to brand himself as America’s Governor.

Pritzker Health Czar?

Pritzker wants to be known as the nation’s Health Czar. Health Czar? Wait a minute. JB Pritzker is the fattest governor in the nation and no other governor comes close to his obesity. The 5’5″ 500 pounder JB Pritzker being the Nation’s Health Czar is a joke. Illinois’ pension system is being run like a Ponzi Scheme. Every year, the state needs to rob Peter to pay Paul. The only solution Pritzker and gang have just keep on increasing taxes and creating new taxes. They are not cutting spending. They keep on spending out of control. Pritzker gave state lawmakers raises. Pritzker acted on Mike Madigan’s recommendation and has approved $225 million pay raises to high-ranking state workers when the state is on the brink of bankruptcy. JB Pritzker does not seem to realize it is not how much you make, but rather how much you spend. Basic economics 101 for dummies.

The Governor And Politicians Need A Change Of Mentality In Order To Fix Illinois Financial Crisis

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Governor Pritzker and state lawmakers need a change of mentality before anything to fix the Illinois financial crisis. Illinois ranks as the highest taxed state in the nation. Chicago has the highest taxes than any other metropolitan U.S. city in the nation. But yet, Illinois and Chicago have the biggest financial crisis than any other state or major U.S. city. How can this be? Are the governor and mayor stealing? Are Pritzker and Lightfoot embezzling funds?. Wait a minute. You are collecting billions of revenues from taxpayers and you are more broke than the lowest taxed state and/or city? If they are not stealing, then they are above and beyond incompetent.

Illinois Financial Crisis Worsen Due To Financial Irresponsibility

Financial irresponsibility. Nearby Indiana is a Republican-led state. Indiana has a fraction of Illinois’ taxes but is collecting billions of revenues and have billions in reserves. How can this be? Why can’t JB Pritzker follow the business model politicians in Indiana have. Why can’t Lori Lightfoot follow the business model Indianapolis has? No way in the world would the obese fat Illinois governor and the Chicago mayor ever turn to neighbor successful Indiana for help. Why? Because these two incompetent so-called leaders have egos and think they are great leaders. It is not just Indiana, but dozens of other states that have lower taxes and lower cost of living that is raking in billions in reserves

Changing the mentality of the governor and Illinois politicians need to fix first. Without a solid foundation, nothing can be done. The mentality of spending, increasing taxes, and not cutting spending needs to be changed. It needs to be, IT IS NOT WHAT YOU MAKE BUT WHAT YOU SPEND. LIVING WITHIN YOUR MEANS. Pritzker and gang think tax increases is the solution for everything. They do not have the mentality of governors and lawmakers of profitable blue states.

What Moron Increases Taxes During A Global Health Pandemic

When asked whether or not he was going to still go ahead with his FAIR TAX proposal during this economic crisis Illinois is facing due to the coronavirus pandemic, JB Pritzker responded there is no better time to do a tax increase than now. WOW!!! Pritzker’s FAIR TAX is changing the state’s flat tax to a progressive tax system. A progressive tax is when higher waged earners are taxed at a higher rate. What the FAIR TAX does is increase state income taxes for middle-income and higher-income wage earners. Pritzker did an idiotic thing that surprised many. JB Pritzker has included the proposed $3.8 billion in revenues the FAIR TAX will bring in his state budget. This is how sure Pritzker was in voters passing the FAIR TAX AMENDMENT on November 3rd, 2020’s election. However, Illinois voters did not approve the FAIR TAX. This angered JB Pritzker and said that he will have no other choice but to increase income taxes and other taxes for all Illinoisans. Many Illinoisans gave up on Illinois leadership.

Illinois Financial Crisis Worsen Due To Politicizing Coronavirus Outbreak

JB Pritzker’s power hunger and his politicizing the coronavirus is deteriorating the state like never before. Illinois was the first state to close and the last state to reopen from the coronavirus outbreak. However, Illinois never reopened. Pritzker has put a 25% capacity restriction on reopening indoor businesses. However, due to surging coronavirus numbers, JB Pritzker issued another executive shutdown order and ordered all indoor businesses to close for at least 30 days. This news devastated thousands of small businesses. Small businesses employ two-thirds of Illinoisans. Many experts and economists think JB Pritzker is trying to destroy Illinois’ economy on purpose so he can get a federal bailout. If Pritzker does get a federal bailout, he is hoping to take credit for the governor who saved Illinois.

JB Pritzker Borrowers Billions From The Feds For The Second Time This Year To Fix Illinois Financial Crisis

While other Republican-led states are recovering from the economic impact of the coronavirus, Illinois needs to find ways to get revenue so it can pay its bills. J.B. Pritzker is borrowing $2 billion from the Federal Reserve Board as a short-term note so the state can pay its bills. J.B. Pritzker is not just balancing the state’s budget but is also accelerating the debt load of Illinois. Not good. The state collects way more than it is needed through its tax revenues.

While profitable and well-run states are trying to attract new taxpayers and businesses, Illinois is doing the opposite. It seems Pritzker has no concerns with the mass exodus of Illinois families and businesses. All he knows is to keep on increasing taxes and creating new taxes. He keeps on increasing business income tax rates where tens of thousands of small business owners are calling it quits and moving to nearby states like Indiana, Wisconsin, Iowa, Missouri, Kentucky, Tennessee. Illinoisans better be ready for another round of tax increases.  JB Pritzker already warned that individual taxpayers and businesses can see a state income tax hike of up to 20%. The coronavirus outbreak made many employers change their work models to remote positions. With more and more workers becoming remote wage earners, people are not stuck living in high-taxed states like Illinois. This holds true for mortgage companies. More and more mortgage companies are now hiring more remote loan officers, mortgage processors, mortgage underwriters, and support/operations staff.

Unemployment Due To Government Stay At Home Orders

Over 26 million Americans have filed unemployment claims in the past 4 weeks:

  • The good news is many states are set to reopen starting this week
  • The Illinois Governor and the state’s Democrats are trying to pull a fast one
  • They are using the coronavirus pandemic crisis as a tool to bail out the financial irresponsibilities of Illinois prior to the pandemic
  • Illinois has a huge budget deficit in its pension system
  • No matter how much taxes are raised and/or created to break even the pension system, the deficit is getting worse and worse
  • Pritzker and the Democrats are asking the federal government to bail them out
  • Not so fast, says Mitch McConnell, the Republican Senate Majority Leader
  • McConnell said financially irresponsible states should not ask the federal government for their mismanagement of finances prior to the coronavirus pandemic

In this breaking news article, we will discuss and cover Bankruptcy Versus Federal Bail Out For Chicago And Illinois.

McConnell Says Bankruptcy Versus Federal Bail Out For Financially Irresponsible States Like Illinois

Pritzker and Illinois lawmakers saw an opportunity to benefit from the coronavirus pandemic.

  • The federal government is working on phase four of the coronavirus stimulus package
  • Nobody yet knows what it includes
  • However, a bailout for states seems to be likely
  • However, the federal bailout package for states is just for the financial impact due to the coronavirus pandemic
  • States like Illinois and New York had major financial problems prior to the pandemic
  • These states are lobbying to have their financial issues prior to the pandemic included in the federal relief program due to the pandemic
  • No go, says U.S. Senate Majority Leader Mitch McConnell
  • Senator McConnell suggested that states like Illinois and New York can file for bankruptcy
  • Illinois has a major pension debt problem
  • However, Governor J.B. Pritzker said bankruptcy was out of the question
  • Pritzker said it is the right of Illinois to get a federal bailout to fix the state’s budget problems
  • No matter how much tax increases in Illinois, the pension debt keeps on getting worse

McConnell is vehemently against bailing city, county, state government from mismanaged finances prior to the coronavirus pandemic.

Democrats Versus Republicans On Bankruptcy Versus Federal Bail Out

All financially strapped states prior to the pandemic were Democrat-led states. In general, Democrats believe in raising taxes to offset their spending. Republicans, on the other hand, believe in having lower taxes to attract new taxpayers and businesses. Republicans believe in tax cuts to promote growth and reduced spending. Republicans also believe in it is not how you take in but how much you spend. All successful states with budget surplus prior to the pandemic were Republican-led states. Most Republican-led states are against federal bailout for states facing major deficits due to financial irresponsibility prior to the pandemic. Democrats differ.

There is no doubt Illinois needs to restructure its pension system. There is no way in the world Illinois can keep on funding additional funds to its pension system. The system is broken. Pritzker and lawmakers are increasing taxes in all areas. It is not making a dent. Illinois has the second-highest property tax rate in the nation. High property taxes mean lower home values. The governor is lobbying to change its current flat-tax to a progressive tax system. Illinois leads the nation in both individual taxpayers and businesses fleeing the state due to its high taxes.

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One Comment

  1. A fact from the the 2020 census that is being hidden is that, compared with where it would be with the normal national growth rate, Illinois lost 961,000 residents in the last 10 years, by far the most of any state.

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