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.
Embrace illegals like Calif. And feel the burn dumbasses!
Maryland won’t be far behind.
Shittycago!
It will happen….along with California….
correction please…. “Will it be the First DEMOCRAT LED State to Go Bankrupt”? Many more democrat led cities will follow, IF ALL of the citizens aren’t MURDERED first !
Their you go the Democratic shithole getting flushed away
All i know is the rest of the USA shouldn’t bail them out. Let them figure it out. Democrats did it let them figure how to fix it
No doubt in my mind. The most corrupt state in the country because it’s run by the city of Chicago DemocRATs. The most corrupt politicians in the country.
I think California will beat them, maybe not in the murders but cali has all those illegals and that brown character helping to drag them down.
Its about time that liberalism meet with its logical conclusions and all those deal with the inherent contradictions of the set of ideas.