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*** UPDATED x1 - Quinn responds *** Here we go again
Friday, Dec 2, 2011 - Posted by Rich Miller *** UPDATE *** Gov. Pat Quinn answered a couple of questions about Treasurer Rutherford’s comments today. He was not happy… * Russ Stewart’s latest column, which isn’t online yet, begins this way…
OK, first of all, bankruptcy is like pregnancy. You’re either bankrupt or you’re not. Illinois isn’t bankrupt. * And we’re spending $3 for every $2 in revenues with a $12 billion annual structural deficit? Did Rutherford miss the tax hike? I asked for an explanation…
Rutherford’s office also sent along these PowerPoint slides which purport to explain everything. They don’t. But from what I can gather, part of the problem here is that Rutherford is adding old bills to the structural deficit and calling them both structural. They’re not. For the past several years, Illinois had a huge structural deficit which was adding more and more late bills to the pile every year. The tax hike and subsequent budget cuts have reduced that structural deficit down to a relative nubbin. The pile isn’t getting much larger, but it still exists. Also, both the governor’s and the General Assembly’s three-year forecasts are way outdated because one was done in January and the other in March, well before the final budget was passed. The Auditor General projects spending to be $30.6 billion this fiscal year, not the $34 billion cited by the treasurer. Excluding the same non-recurring and federal sources as Rutherford, revenues are estimated by COGFA to be about the same as spending, which is over a billion dollars higher than the figure cited by Rutherford. And $7 billion in unfunded retiree costs? I cannot find anything, anywhere to show me this is a credible number. * Illinois has many problems. No doubt. They’re enough to make you wanna tear your hair out. But the problems aren’t nearly as bad as Rutherford is trying to make them out to be.
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- bored now - Friday, Dec 2, 11 @ 2:06 pm:
i’m sure that rutherford is setting up his run for governor. “i’ve seen the books,” he’ll claim. “we need to run illinois like a business before we go bankrupt,” i can imagine him saying.
except that he hasn’t run the treasury office like a business! ANY business that had released the social security numbers of 36,000 customers would have taken immediate steps to make sure that their liability was covered. id theft protection or insurance would have been offered. but NOOOOOOOO!
rutherford is running the treasury department like an old corrupt chicago ward. “we’re sorry,” they say. “it’s the other guy’s fault.”
and people wonder why some politicians get no respect…
- Grandson of Man - Friday, Dec 2, 11 @ 2:07 pm:
I read something in passing in the swirl of news that almost all states balanced their budgets recently.
- Demoralized - Friday, Dec 2, 11 @ 2:08 pm:
As the state’s chief insvestment officer Rutherford should be taken to the woodshed over making comments like this. Is he hoping to downgrade our debt further? Once again we have another politician in this state looking out for the best interests of themselves rather than Illinois. Paint the worst possible picture, don’t offer any solutions to the problem, and smile for the camera.
Pathetic.
- What's in a name? - Friday, Dec 2, 11 @ 2:12 pm:
This is too bad. I’ve met Rutherford and he seems like a decent guy. We certainly have no shortage of real problems to talk about. I wonder why he feels the need to embellish them. I think he is jeopardizing his credibility.
- King Louis XVI - Friday, Dec 2, 11 @ 2:23 pm:
If Rutherford spent more than 15 minutes a day in his office, rather than dashing to press conferences, radio & TV stations, fund-raisers for himself, he might actually be able to stay current on state affairs.
- Ray del Camino - Friday, Dec 2, 11 @ 2:23 pm:
I would feel more comfortable having a state treasurer with a better understanding of numbers.
- Carl Nyberg - Friday, Dec 2, 11 @ 2:24 pm:
Republicans create their own reality.
- oz - Friday, Dec 2, 11 @ 2:27 pm:
The budget problems are easy to solve. Just take the spending that pushes the budget out of balance and make them off budget expenditures. See …it’s all better!
Heh..the way we’re giving out corporate tax breaks I wouldn’t count too much on hitting those published revenue targets.
- wordslinger - Friday, Dec 2, 11 @ 2:29 pm:
I think Rutherford meant to say “mostest bankruptciest,” which makes just as much sense as what he is saying.
Perhaps his state office should produce another slick mailer to send to campaign contributors, er, I mean inquisitive concerned citizens. That will help pay bills. Campaign bills.
Got no game.
- J - Friday, Dec 2, 11 @ 2:33 pm:
Why does he speak?
- Small Town Liberal - Friday, Dec 2, 11 @ 2:35 pm:
Time to merge the offices of the Treasurer and Comptroller and let Dan be Judy’s personal assistant and driver. Can’t wait for the tweets about getting the smoke smell out of Pongy.
- scafish - Friday, Dec 2, 11 @ 2:36 pm:
The amazing thing is that Russ reported Rutherford’s comments accurately. That’s a first!
- Aldyth - Friday, Dec 2, 11 @ 2:37 pm:
Running for governor tends to make your numbers go mushy.
- Rich Miller - Friday, Dec 2, 11 @ 2:37 pm:
===Can’t wait for the tweets about getting the smoke smell out of Pongy. ===
That’s gotta be one of the funniest lines of the year.
- Oswego Willy - Friday, Dec 2, 11 @ 2:42 pm:
If I were … “watching” Rutherford as a possible opponent, I would, as soon as possible, record every Tweet, via screen captures and then record every “Pontiac” day … every “press conference”, …etc. and then couple that with some of these insane statements about bankruptcy, doom, gloom …”When he ain’t Tweetin’ … he’s Chicken Little… but here is the Real Story…”
Pathetic!
Do the job you are suppose to be doing now … stop grandstanding!
- titan - Friday, Dec 2, 11 @ 2:45 pm:
I beg to differ. Yes, one is or isn’t backrupt, so on that basis, you’re right.
However, there are degrees or levels of severity of bankruptcy. Think of it as being similar to being “injured”. You are or you aren’t, but some injuries are far worse than others.
- reformer - Friday, Dec 2, 11 @ 2:49 pm:
I appreciated it when Rutherford went on FOX early in the year and didn’t badmouth his home state to a national audience. I’m afraid he’s losing credibility now by exaggerating the bad news.
BTW, since House Republicans voted for the current budget, our Treasurer is by implication criticizing his own.
- Politicrap - Friday, Dec 2, 11 @ 2:51 pm:
Dan Rutherford is a grandstander with his state tour with the stupid wooden money box and going to New York for MSNBC interviews. He ran for treasurer only to get a state wide stage for running for governor while we pay taxes for his pseudo campaign. But he can’t even run his office as treasurer or even as senator. I’m a republican and Rutherford does not represent me or what the GOP should stand for. Treasurer should be his last office of his career.
- CircularFiringSquad - Friday, Dec 2, 11 @ 2:52 pm:
Wow what a wieghty for Capt Fax to tackle so soon after recovering from malaria.
Why did we see this one sliding off the rails when the words “Russ Stewart column” appeared?
Russ has been around a long time, but shares the Profiles in Credibility Award with the IL Policy Institute.
It Friday. Can we just head the weekend with some Beach Boys who debuted 50 years ago this month?
- Don't Worry, Be Happy - Friday, Dec 2, 11 @ 2:54 pm:
Is it just me, or does it seem a bit odd that the Treasurer, the person responsible for tracking the State’s money, is putting out numbers from a third party?
Seem like Rutherford of all people should be relying on primary source data - ie his own office!
- wordslinger - Friday, Dec 2, 11 @ 2:56 pm:
Titan, bankruptcy is a legal term regarding liquidation of assets or protection for reorganization of debt for insolvent individuals, corporations and municipalities.
States are barred from filing for bankruptcy under federal law.
It is not possible for Illinois to be bankrupt.
- Boone's is Back - Friday, Dec 2, 11 @ 3:00 pm:
==OK, first of all, bankruptcy is like pregnancy. You’re either bankrupt or you’re not. Illinois isn’t bankrupt.===
LOL- could the state be like one of those teen mom shows on MTV and not know if its pregnant yet?
- zatoichi - Friday, Dec 2, 11 @ 3:15 pm:
Is there any way to get one of the big auditing firms to come in and do a state audit just like would be done for GM, BCBS, CAT, Home Depot and many other large companies? Right now anyone who seems like they know what they are talking about is accepted as being correct by someone. 10 different groups will get 10 different answers. COFGA seems to be the one with the least political lean.
- Rich Miller - Friday, Dec 2, 11 @ 3:18 pm:
===Is there any way to get one of the big auditing firms to come in and do a state audit===
We have an Auditor General. Try the Google.
- The Captain - Friday, Dec 2, 11 @ 3:36 pm:
Yeah but has he ever actually audited anything? What’s that? He has? Many of his audits were featured as key items during the Blagojevich impeachment proceedings, you say? Huh. Well then, okay.
- Rich Miller - Friday, Dec 2, 11 @ 3:46 pm:
lol
- Ahoy - Friday, Dec 2, 11 @ 3:49 pm:
One of our problems is Rutherford. The guys is just our they’re running his mouth and using wrong numbers. Meanwhile, he’s not coming up with solutions. Of course, this is practically every Republican right now. If you’re going to go out and bad mouth our State, please use facts.
The Dem’s aren’t so great either, of course having Yogi Berra as a Governor isn’t helping.
- Rod - Friday, Dec 2, 11 @ 3:55 pm:
I hope that wordslinger recalls that one of the leading Republican candidates for the president, Newt Gingrich publicly supported the idea of a federal bill to allow states to declare bankruptcy. See http://www.reuters.com/article/2011/01/21/us-usa-states-bankruptcy-idUSTRE70K6PI20110121
Given the fact that Cain has imploded, Governor Perry can’t recall his practiced lines in debates, and Romney has fallen behind Gingrich in polls for Iowa, Florida, New Hampshire, and South Carolina there is a possiblity yet that Illinois can be given the right to file for bankrupcy.
- Rich Miller - Friday, Dec 2, 11 @ 3:58 pm:
===Newt Gingrich publicly supported the idea===
Newt supports a lot of things then changes his mind. What did Bob Dole say? Newt has two filing cabinets, a big one with his silly ideas and a small one with his good ideas. Or something like that. Letting states declare bankruptcy would be a disaster.
- WizzardOfOzzie - Friday, Dec 2, 11 @ 4:16 pm:
Dan Rutherford= intellectual lightweight
Nice dude but really is in over his head.
- WizzardOfOzzie - Friday, Dec 2, 11 @ 4:19 pm:
BTW, someone might want to look into the political hires in his office. There are a lot of people w/ political connections just hanging out around there. Might be an explanation with for the quality of work product coming from there office.
“Wait, the Social Security numbers are supposed to be on the inside of the envelope? Then how will the mailman know where to deliver them?
- WizzardOfOzzie - Friday, Dec 2, 11 @ 4:20 pm:
correction: their/ not there
My apologizes. It’s late on Friday.
- steve schnorf - Friday, Dec 2, 11 @ 4:27 pm:
Rod, I hate to tell you this, but I suspect almost every D in America is pulling for Newt.
- Jaded - Friday, Dec 2, 11 @ 4:33 pm:
I agree with Schnorf. You want to guarantee 4 more years of Obama, nominate Newt.