"We have an emergency, a fiscal emergency... Our state was careening toward bankruptcy, fiscal insolvency. Even in the last couple of months, the situation got seriously more dire. So the governor has to act at the moment. And that's what I did." Illinois Governor Pat Quinn, upon passage of a 67% tax increase at end of lame duck session, January 12, 2011.

"Democrats argued the tax increase was needed to rehabilitate the state's deadbeat image, but Republicans predicted it would drive businesses out of state." The Chicago Tribune, January 12, 2011.

Source:  Illinois Policy Institute.

Hoven's Index for August 25, 2011

Illinois taxpayers' debt from borrowing: $44.7 billion

Illinois taxpayers' unpaid bills: $7.4 billion

Illinois' unfunded pension & retiree health care liabilities: $140 billion

Illinois debt per household: $40,000

Source: Illinois State Treasurer.

Graph of the Day Archive.

See also this.