Say, remember when the state of Illinois took the Democratic approach to fixing their budget woes by raising taxes? The debt problems of the Land of Lincoln would disappear, Governor Pat Quinn argued, if the state hiked corporate and personal income tax rates by as much as two-thirds. The extra revenue would stabilize the state’s fiscal footing and pull them from the brink of financial disaster.Maybe Governor Gregoire and the Democratic controlled State legislature can learn something from this.
How well did that work out? As the Wall Street Journal reports today, Illinois debt has now been downgraded to the lowest rating of all 50 states by Moody’s...
But I doubt it.
UPDATE: oh, my.......Connecticut is downgraded as well.
