Illinois’ bond rating may not be junk, but the state’s finances still are.

Tax hikes on struggling Illinoisans as the state is bordering on a recession, a lack of structural spending reforms, no true pension reform, $100 million in pork spending, and the continued threat of a junk credit rating are among the ways the new Illinois budget fails taxpayers.

The state will eat a 32 percent larger chunk out of most workers’ paychecks, retroactive to July 1.

Medicaid has ballooned to cover more than a quarter of Illinois’ population, with spending at $5.4 billion, up 141 percent 2015 compared with 2000. Now that a federal judge has ruled Illinois must speed up its Medicaid payments, the state’s Medicaid payment will increase $83 million each month, for a total monthly payment of $376 million.

Moody’s Investors Service said simply passing a budget won’t be enough to avoid junk because it doesn’t address Illinois’ many crises.

The House will need 71 “yes” votes to override Gov. Bruce Rauner’s veto of a permanent 32 percent income tax hike. The July 2 vote to pass the tax hike received 72 yeas.

The Illinois Senate on July 4 approved the House’s budget plan, which Gov. Bruce Rauner has said he will veto.

More than a dozen Republicans joined House Democrats in passing a budget that includes a massive tax hike and no structural spending reforms. Gov. Bruce Rauner said he would veto the plan.

Much like other plans in the General Assembly before it, the House Democrats’ budget plan does nothing to structurally reform state government and bring down costs, but instead increases the burden on Illinois taxpayers.

Illinois’ fiscal collapse is the culmination of decades of budget gimmicks and taxes used to paper over the state’s structural spending problems and misplaced priorities that favor special interests over ordinary Illinoisans.