Like a person on assistance who has been determined to be able-bodied and must now go to work for their benefits, Illinois is currently facing real and impending financial issues that may just send it over the edge if state assembly Democrats continue to refuse to come to the negotiating table with a genuine will to fix the crunch.
Illinois has been told in no uncertain terms by financial institutions and its state comptroller, which pays its bills, that they are now spending 100% of their taxpayer income on bills that come due each month with no money leftover for discretionary spending. The state has a long history of financial problems that stem from an over-generous pension system and a Leftist attitude that they don’t have to worry about paying their bills, that they’ll just raise taxes.
The problem with that assessment is that the tax base has been shrinking dramatically. The residents and businesses of Illinois have been leaving the state in droves, reducing the revenue that they depended upon as they continue to issue these generous pensions. As it stands right now, the state is in debt up to its receding hairline to the tune of $130B (with a “B”) in unfunded pension obligations and an additional $13B of backlogged unpaid bills. Even the state’s lottery is about to end as it cannot sustain such a gambling industry and will not be able to pay its annual stipend to the Powerball and Mega Millions authority by June 30th. Imagine for a moment the riots in the streets that will occur when the lotto junkies are unable to get their tickets!
The Republicans won the governorship there just a short two years ago, with Bruce Rauner defeating the incumbent Democrat Pat Quinn. The resentment on the Left in the state assembly is so palpable that the Democrats there refuse to work with the governor in addressing these severely crippling money issues. The longer they wait, the more dire the situation becomes. As it stands, the state has not voted on a complete budget in nearly three years. Not that a new budget has not been offered. The governor has offered his version of a state budget, but according to Democrats, not enough was done in compromise to warrant a vote.
Now, the Moody’s Investors Services has downgraded the Illinois credit rating to the lowest of any state and, in fact, the lowest that it can go before bankruptcy. Read more on the following page about Illinois’ financial death spiral.
No one cares. The rest of us need to make certain that we don’t get stuck bailing them out.
“No State shall issue anything but gold or silver to be used as money.” The entire US has been bankrupt, robbed and enslaved by the owners of the Federal Reserve for over 100 years.
Crook county…what’s the chance….Corruption is a way of life there.
Uh huh huh huh. Bankruptcy is cool. You get to like, keep your money and not be enslaved and stuff. Uh huh huh huh!
This will have a domino effect, eventually it will crush the US governments credit rating and collapse the Dollar. Just look at its value compared to bit coin or the Chinese yen. Its just a matter of time.
We’ll maybe they better get a republican Gov, to clean up the mess there mayor. And govenor made ! You can’t have a santuary city all illegal on houseing food stamps free schools colleges cost too much cut some of their bad business out clean their swamp ? Fire Gov, and mayor first ! It might be tight awhile on certain things let more businesses in cut there tax rate so they can start and cut many other things. You do that and 3 to 5 years your state will be in the black ! Just don’t let a Democrat liberal back in ! California has a really big problem its worst than illinois !
LOVE IT
If they are just talking about it, that means they are already bankrupt.
It already is bankrupt.
it has to go bankrupt there’s no other way out.