Illinois Budget Crisis
Illinois is one of the states in the United States that have been trending on media channels due to vast financial troubles. These troubles have been attributed to bloated state government, strong public sector unions and business-hostile regulations. Illinois budget crisis has impacted the state operations and citizens day to day activities. The Illinois budget has not been financially bearable despite government interventions and recent developments. It is still in a deep hole that will require ample time, great reforms and transparency to guarantee its residents fiscal nourishment.
Illinois is a wealthy state and the third-largest cosmopolitan region in U.S. Its diverse economy has attracted many investors locally and internationally. With its sizable manufacturing base, corporate headquarters and incomparable international transportation hub, many people wonder what pushed Illinois into one of the most overwhelming budgetary crisis. It all began in 2008 when Illinois like other states in America were hit by recession and financial markets collapsed. Its revenues nose-dived and high demands for government services rose steeply.
Due to its current budget crisis, Illinois has made cuts to education and human services and further cuts are expected
to hit other sectors. The state has in one way or another failed to engage long-term budget planning and make exceptional budget choices. A number of issues arise when tackling Illinois budgetary woes. One issue is lack of transparency in budget preparation and presentation. Unparalleled budget transparency will facilitate well-versed policy making, but this is an aspect that the planners do not look at. Lack of information has led to presentation of a scrambled and confusing budget. The budgetary committee has failed to figure out more on the states true financial situation and this has made it hard to provide better solutions to the Illinois budget crisis.
Secondly, chronic avoidance of tough budgetary choices has made things worse for the state. Lawmakers should play great role in making big changes to the Illinois budget. They have to avoid any reckless speculations on the budget as it discourages many investors who are willing to make profits regardless of the state’s fiscal situation. The states should allow investors make investments that are acute to the future. Progress is the key to curb budget crisis in Illinois. As the states struggles, daily challenges are being documented and tough budgetary decisions have been put to test.
Budget crisis have devastating human costs and it is wise for the state to mind the wellbeing of the people. Poor people are left to pull themselves from the deep fiscal hole, hence the state and lawmakers need to recognize its budget woes and come up with a balance on revenues. These imbalances in revenues can be avoided through cutting contingency spending on other states or abroad. Cutting Medicare cost incurred on daily basis, monetizing the high demand for immigration in the state and cut on social security tax credit will work miracles in eradicating Illinois budget crisis. In essence, there is a lot that the state of Illinois has to undertake and address budget crisis before it’s too late.
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References
http://www.statebudgetcrisis.org/wpcms/wp-content/images/2012-10-12-Illinois-Report-Final-2.pdf
http://www.huffingtonpost.com/lyric-hughes-hale/how-to-solve-the-us-budge_b_1106976.html
http://igpa.uillinois.edu/ontheissues/transparency