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Illinois Most Broke State

Illinois ended the 2010 fiscal year as the most broke state in the nation.
That state was in the red $37.9-billion as of July 1, 2010, according to a recent statewide financial audit put out by the Illinois Auditor General and Illinois Office of the Comptroller.
Illinois was so busted that it borrowed $1.4-billion from unknowing taxpayers, causing a delay in tax refunds.
A combination of mismanagement during the past decade and a global recession are the largest factors in Illinois money woes, according to U of I economics professor Fred Giertz.
[audio:072811giertz1.mp3]A Word From Giertz[/audio]
The state has taken some small strides to get its fiscal foot back, but David Yepsen, Director of the Paul Simon Public Policy Institute at SIU says it’s going to take a lot more to fix the problems.
[audio:072811yepsen2.mp3]A Word From Yepsen[/audio]
Yepsen says whatever politicians do, they need to do it quickly so Illinois can continue to compete with other states to keep businesses and jobs here.

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