Budget & Tax
Free Market Friday: A tale of two states
June 3, 2016
Jonathan Small
Illinois offers a contrast with Oklahoma this year. In President Obama’s home state, liberal Democrats have supermajorities in both the House and Senate. Here in Oklahoma, Obama never won a single county and Republicans hold significant majorities in both legislative chambers. Yet we have one thing in common: state budget troubles.
The Oklahoma Legislature this year faced an estimated $1.3 billion shortfall – the difference between the pre-programmed size of government and declining state revenues due largely to declining energy prices. Illinois has a shortfall of more than $6 billion plus another $10 billion of unpaid state bills.