The thing that most perplexes Darren Bailey about news that Illinois lost some $9.9 billion in net worth in 2017, dropping its “total primary government net position” to negative $137 billion, has little to do with the actual numbers.
“When are we going to start holding the people signing these checks accountable,” Bailey asked the SE Illinois News. “Right now, we’re not doing a thing, and Illinois is the epitome of what government should not be. We are a bureaucracy; the entanglement is off the charts and getting through it is a daunting task.”
But Bailey has committed himself to doing just that. The Xenia Republican knocked off Rep. David Reis (R-Willow Hill) in the GOP primary in the 109th District with nearly 57 percent of the vote and has his mind set on shaking up Springfield.
The Illinois net worth numbers are courtesy of the state’s Comprehensive Annual Financial Report for fiscal year 2017 and were compiled by measuring the net worth of assets minus liabilities. The $9.9 billion figure equates to approximately a quarter of the state’s total revenue for the year, which was approximately $38 billion, according to Wirepoints.
The losses aren’t just restricted to the state, with figures compiled by Wirepoints showing over the last decade that the City of Chicago, Cook County and Chicago Public Schools have all suffered steep losses.
Data also shows Illinois is easily outpacing other states in terms of its negative net position, and a recently booming stock market has had little effect in stemming the tide.
Research further concludes the bulk of the state’s losses over the last decade derives from still bubbling unfunded annuity liabilities. Even with markets rising in 2017 and the state’s pensions earning an unusually high 15 percent, pension liabilities stayed basically flat and the state remained heavily mired in the red.
“We desperately have to change course in Springfield,” Bailey said. “How we start is by making the public aware of things like this and by exposing all the fraud. When people realize what is happening, I think a lot of them will be upset. We can’t ignore things, as what’s been happening. We need to put people in Springfield we can trust; men and women of integrity.”
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