No. of Recommendations: 2
This from IBD today:

http://www.investors.com/NewsAndAnalysis/Article/559259/2011...

Undaunted by this information, Illinois lawmakers are considering raising their state's income tax rate to 5.74% from 3%. This increase, Illinois taxpayers are being told, will be only temporary, lasting four years, when the rate will fall back to 3.75%.

Temporary tax hikes are like unicorns — they exist only in legend. Even if this promise is kept, four years is long enough to drive out more businesses and workers and accelerate Illinois' death spiral into bankruptcy.

The state has a $15 billion budget shortfall. It has arrived at this point by spending like many states in good times like there was no tomorrow and only the next election. Dominated by what some locals call "the People's Republic of Chicago," it's been a laboratory for every socialist idea. Well, that experiment has failed.

Despite putting a moderate Republican in President Obama's old Senate seat, Illinois has become a dark blue states. Chicago is a pre-Detroit socialist paradise where a one-party government has never met a fee or tax it didn't like to raise.

There's talk about closing that budget gap, talk that doesn't include much about cutting spending. And there are no guarantees all the added revenues would go to paying unpaid bills and deficit-reduction. Nor is there much thought being given to the economic impact. Liberals simply refuse to believe that raising taxes affects human behavior.
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The pension news is pretty damn grim too.
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