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Message
Illinois Could be first state to file bankruptcy
Posted on 6/16/17 at 7:23 am
Posted on 6/16/17 at 7:23 am
quote:
Ratings agency Moody's Investor Service earlier this month downgraded Illinois' general obligation bonds to its lowest investment grade rating, citing the state's growing pile of unpaid bills and its mounting pension deficit. Illinois, by the way, has the lowest credit rating of any state. Lower ratings mean higher borrowing costs, since lenders view such borrowers as riskier bets. "Legislative gridlock has sidetracked efforts not only to address pension needs but also to achieve fiscal balance, allowing a backlog of bills to approach $15 billion, or about 40 percent of the state's operating budget," the agency noted. As noted by the Fiscal Times, Illinois is the only state that's been operating without a balanced and complete budget for almost two years.
LINK
17
Posted on 6/16/17 at 7:24 am to Strannix
Another shining example of Democratic dominance.
Posted on 6/16/17 at 7:27 am to saints5021
Who needs a budget when you have gun control!
They followed the prog formula, lock up power with handouts and pensions they can never pay for.
They followed the prog formula, lock up power with handouts and pensions they can never pay for.
This post was edited on 6/16/17 at 7:29 am
Posted on 6/16/17 at 7:31 am to Strannix
(no message)
This post was edited on 6/29/17 at 1:55 pm
Posted on 6/16/17 at 7:37 am to Strannix
It's the democrat way. It all pays off for them if the federal government (you and me) comes in and bails them out. I feel for the regular Americans there, who work, pay their taxes, and do their best to limit government tyranny and excess, but they have to know they are living under the Democrat model. They should have known a long time ago to gtfo.
It's only a matter of time before CA, OR, HI, NM and a few others follow suit. The only way they learn something is to fail, and have to deal with the consequences.
It's only a matter of time before CA, OR, HI, NM and a few others follow suit. The only way they learn something is to fail, and have to deal with the consequences.
Posted on 6/16/17 at 7:38 am to troyt37
Excellent post.
Posted on 6/16/17 at 7:42 am to troyt37
quote:
The only way they learn something is to fail, and have to deal with the consequences.
It's the Venezuelan model on a less accelerated scale
Posted on 6/16/17 at 7:44 am to troyt37
quote:
It's the democrat way.
Led by a republican governor. Go figure. Voters elect a governor of one party in hopes of him carrying out his platform but on the other foot those same voters cast their ballot for congressman of the opposing party of the governor to make sure the governor they voted for doesn't get too carried away with that platform.
Mind boggling.
This post was edited on 6/16/17 at 7:47 am
Posted on 6/16/17 at 7:47 am to Strannix
All because of Chicago. I feel sorry for the good folks of rural Illinois who get outvoted by the parasites in the Windy City.
Posted on 6/16/17 at 7:49 am to Strannix
Corruption, crime, and entitlements...what could go wrong?
Posted on 6/16/17 at 7:50 am to Strannix
quote:
pension
Pension crises are going to affect a lot more states than Illinois.
Posted on 6/16/17 at 7:53 am to GetCocky11
quote:
Pension crises are going to affect a lot more states than Illinois.
There was a good article on Dallas, despite having one of if not the best municipal economies in the world they would still not be able to keep up with their pension obligations.
Posted on 6/16/17 at 8:05 am to Strannix
quote:
There was a good article on Dallas, despite having one of if not the best municipal economies in the world they would still not be able to keep up with their pension obligations.
New Jersey has really bad pension debt. I'd imagine many municipalities, like Dallas, are in a bad place too.
Posted on 6/16/17 at 8:07 am to Strannix
Are they bankrupt of assassins, too, or do they still have plenty of those?
Posted on 6/16/17 at 8:08 am to saints5021
quote:
Another shining example of Democratic dominance.
Boomshakalaka
Posted on 6/16/17 at 8:11 am to Strannix
Lulz.. At what point is it realized socialism does not work, never has and never will.
Posted on 6/16/17 at 8:18 am to Strannix
Illinois collects $1200 per capita in just state income tax. They expect to bring in $35B in revenue this year. Just $4B short of their budget.
That's with $4B in taxes on liquor, cigarettes and insurance.
And that doesn't even figure in what Illinois residents pay in property tax. The average homeowner pays almost $4000/yr in property tax.
That's with $4B in taxes on liquor, cigarettes and insurance.
And that doesn't even figure in what Illinois residents pay in property tax. The average homeowner pays almost $4000/yr in property tax.
Posted on 6/16/17 at 8:30 am to Homesick Tiger
Two words: Pat Quinn
& 1 more: Chicago
& 1 more: Chicago
Posted on 6/16/17 at 8:40 am to jrobic4
And my money was on CA being the first but GOOD... that damn state is a disaster. Ol' democrat leadership at its finest.
Posted on 6/16/17 at 8:40 am to Tchefuncte Tiger
quote:
. I feel sorry for the good folks of rural Illinois who get outvoted by the parasites in the Windy City.
Hold on. Just the south side. North side and downtown may be one of the nicest places in the country.
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