CHICAGO – Over the last 16 years, Illinois has plunged deeper and deeper into financial ruin – something everyone paying attention knows well. As if that weren't bad enough, an even deeper $47 billion loss was unveiled last month, due to a change in fiscal accounting.
The State of Illinois' finances is, well, bad. Very bad. If it were any other situation anywhere in the world, it would be hopeless.
But you didn't hear that reported in the regular media, Wirepoints.com reports:
The State of Illinois recently reported its biggest annual financial loss ever. Instead of clear reporting on that, we’ve seen perhaps the most glaring example yet of how the state’s finances can be misunderstood, misreported and intentionally distorted.
The loss of $47 billion for the state’s 2018 fiscal year, shown in audited financial statements released late last month, is an astonishing number. For some perspective, that’s about $7 billion more than the entire, current annual budget.
But most of the regular press downplayed or entirely ignored the loss. Many even saw good news. A Reuters headline, for example, read “Illinois budget deficit shrank to $7.8 billion in FY 2018.” You can find similar headlines from across the state.
Why would media coverage differ so drastically from what the audited financial statements really said? Which is right?
Find the answer on Wirepoints.com … HERE
The accounting trickery goes way back into Republican administrations.
Look in the closets of the leaders for shoeboxes….and you might find the lost money there? Remember years ago, and all of the other high officials who have ended up in prison. I lived there for years and i remember a lot of it.
I thought a balanced budget was in the Illinois state constitution. Maybe one day…