Being atop list of deficit states not a good spot

As the fiscal year came to a close June 30, state financial officers issued their annual report on the state’s financial condition.
It’s not a pretty picture.
Though the report lags one year behind, it shows that the state is now in the worst financial condition of any state in the nation. As of June 30, 2011, our deficit of just under $44 billion easily topped runners up New Jersey ($34 billion) and California ($11 billion). The Land of Lincoln’s shortfall grew by 16.8 percent from the previous year, according to William Holland, auditor general.
And the impact on state agencies, schools and individuals was worsening. With no money in the coffers, the state’s payments were falling farther behind and the amounts paid were shrinking. The state ended the year with $4.7 billion in unpaid bills.
Local school districts have felt the pinch, as payments from the state were delayed or simply dropped. And several state agencies have been forced to make significant cuts in staffing and programming.
What’s the answer? Certainly, the sluggish economy hasn’t helped the budget shortfall. But the lion’s share of the solution must come from cuts – whether those involve state funding for government entities, state programs that can no longer be sustained or state-funded perks that simply aren’t reasonable in today’s economic climate.
The solution lies in broad-based cuts that share the pain across all aspects of the state budget. If everyone’s ox is being gored, it’s harder to cry foul.
Illinois’ position as the No. 1 state in the nation is nothing to be proud of, when the ranking is for the size of its deficit. That’s one list we should be working hard to avoid.
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