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Jim Oberweis on Budget & Economy

 


Massive overspending and over-borrowing crowds out jobs

For a decade now, the Democrats who run Illinois state government have taxed, and borrowed, and spent us into a hole. Spending is up, debt is up, taxes are up--and, not surprisingly, jobs are down. Even as Illinois families have had to cut their spending to get through tough times, state government spending just keeps growing--up from $30 billion per year just four years ago to $35 billion this year.

Massive overspending and over-borrowing by the state government isn't important just because it fuels higher taxes, it's important because it crowds out private investment and makes it difficult for job creators to do their thing. Moreover, the consistent heavy overspending makes the credit rating agencies raise serious questions about our ability to repay all our state borrowing--and that results in lower credit ratings, which translates into higher interest costs for the state's debt service.

Source: 2014 Senate campaign website, JimOberweis.com, "Issues" , Nov 1, 2012

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