McHenry Times

Rep. Allen Skillicorn (R-East Dundee) places the blame for Illinois’ growing loss in net worth squarely at the feet of Gov. Bruce Rauner.

“Bruce Rauner needs to apologize to the base of his party,” Skillicorn told the McHenry Times. “As governor, he has to represent the interests all of his constituents, not just liberal North Shore elites. Policies and leadership matter. Bailing out Chicago teacher pensions hurts suburban and downstate taxpayers. Rauner teaming up with (House) Speaker (Mike) Madigan (D-Chicago) to push down pensions onto property tax payers will drive more people out of the state.”

A new Comprehensive Annual Financial Report finds that Illinois lost $9.9 billion in net worth in 2017, with the losses dropping the state’s “total primary government net position” to negative $137 billion.

The figures are composed by measuring the net worth of assets minus liabilities. Further estimates show that the $9.9 billion figure equates to approximately a quarter of the state’s total revenue for the year, which was about $38 billion.

“When 15 Republicans vote to hike taxes and Bruce Rauner and the party establishment defend them from conservative primary challengers, we have a problem,” Skillicorn added. “When Bruce Rauner approves spending $30 million for free abortions when we can't pay our bills or fully fund pensions, where do moderate and conservatives go? Is a third party an option?”

All the losses aren’t just restricted to the state, with figures showing over the last decade the City of Chicago, Cook County and the Chicago Public Schools have all suffered steep losses.

“There is a real divide between Big Government Republicans who are OK with patronage, cronyism and taxpayer-funded abortions, and mainstream, Ronald Reagan conservatives,” Skillicorn said. “No wonder why Republicans have such a hard time winning when half the party is OK with status quo.”

As it is, data shows Illinois is easily outpacing other states in terms of its negative net position, with a recently booming stock market having little impact in turning the tide. Wirepoints has reported further research concludes the bulk of the state’s losses over the last decade derive from still bubbling unfunded annuity liabilities. Even with markets dramatically 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 increasing debt.

“Moderate and conservative Republicans agree on more than they disagree,” Skillicorn added. “It's the big spending, liberal Republicans that undermine the party and empower Chicago Democrats.”