Could Illinois be the first state to file for bankruptcy?

[BDKJMU]

Whether they do or not, they are in some serious financial do-do in that state..
http://www.cbsnews.com/news/could-illin ... ankruptcy/

[ALPHAGRIZ1]

Good......thats what you get with corrupt liberals in charge.........shockingly similar to Michigan.

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[BDKJMU]

Good......thats what you get with corrupt liberals in charge.........shockingly similar to Michigan.

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And CA..

[Chizzang]

[Jjoey52]

Don't forget New York and New Jersey, 2 more lib bastions.


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[Pwns]

Supply-side policies failing in Kansas...

Jerry Brown taking California back into a budget deficit...

Who knew economics could be so complicated?

[Chizzang]

Supply-side policies failing in Kansas...

Jerry Brown taking California back into a budget deficit...

Who knew economics could be so complicated?

The Kansas thing is actually a fascinating study
Where as Illinois is just straight up buffoonery in action

[BDKJMU]

Would bankruptcy be worse than continuously kicking the can down the road? At least with bankruptcy could get out from the weight of unsustainable pension costs via restructuring that the public sector unions wouldn't be able to block..

[HI54UNI]

Our state economic development people heavily recruit businesses in Illinois to try and get them to move across the river. They push the tax increases that will be coming to solve this problem.

Although it's not going to be much better here as they've done some Kansas type tax cuts and spending increases and the money's starting to run out.

[mrklean]

This is sad as hell. The state pension fund is also in trouble. People who put in for over 30 years could be the big loser.

[SDHornet]

It's worse than that here...much worse...that graph doesn't account for the pension deficit which was projected to be over $1T in 2015.

Donks.

Can't wait for this state to collapse...can't fucking wait.

[CID1990]

This is sad as hell. The state pension fund is also in trouble. People who put in for over 30 years could be the big loser.

This is what state, local, and federal governments do, Klein.

They take your pot of money and make it smaller - in the interest of free giveaways that keep people in office


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[HI54UNI]

It's worse than that here...much worse...that graph doesn't account for the pension deficit which was projected to be over $1T in 2015.

Donks.

Can't wait for this state to collapse...can't fucking wait.

Didn't they just pass a $400 billion universal healthcare bill?

[Jjoey52]

It's worse than that here...much worse...that graph doesn't account for the pension deficit which was projected to be over $1T in 2015.

Donks.

Can't wait for this state to collapse...can't **** wait.

Didn't they just pass a $400 billion universal healthcare bill?

But they are going to build a bullet train, liberal corruption at its best.


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[houndawg]

This is sad as hell. The state pension fund is also in trouble. People who put in for over 30 years could be the big loser.

Except for the legislature, they have a separate pension fund. Currently funded to 300%.

[mrklean]

This is sad as hell. The state pension fund is also in trouble. People who put in for over 30 years could be the big loser.

Except for the legislature, they have a separate pension fund. Currently funded to 300%.

WTF

[kalm]

This is sad as hell. The state pension fund is also in trouble. People who put in for over 30 years could be the big loser.

This is what state, local, and federal governments do, Klein.

They take your pot of money and make it smaller - in the interest of free giveaways that keep people in office


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You know how much I want to argue with this, but I have to admit it's framed pretty damn well.

[UNI88]

Couple of things about Illinois and the fiscal crisis:

1) While the Donks are responsible for the majority of the problem the Conks have some responsibility. Governors Thompson, Edgar and Ryan (1977 - 2003) were all Republicans who signed off on budgets passed by mixed or Democratic General Assemblies that laid the foundation for the current crisis. lllinois didn't really have 2 political parties but a combine of political figures who greased the skids for their benefactors.

2) The Illinois Constitution prohibits reducing pension state benefits for current employees. I wouldn't be hopeful about how the courts would rule on a bankruptcy that attempted to get out from under existing pension obligations if the Constitution won't allow the state to change future benefits. The politicians don't have the stomach to try and change benefits for new hires much less to attempt to modify the Constitution to remove the prohibition.

3) Illinois has more units of government than any other state (including California with more physical space and people). The number and responsibilities of the various types of government are really quite comical. Merge and/or faze out various government bodies and there would be more money available but that would result in a loss of jobs that the politicians give out to their patrons and that can't happen.

4) The unions have been relatively quiet on the pension issue. This is either because they're counting on the politicians they've helped elect to make sure there is no reduction or because they actually approved of the diversions of money away from the pension funds because much of it when toward projects that employed union members (such as construction) and they don't want to be publicly called out for letting it happen.

[Col Hogan]

Things are so bad, that if the legislature doesn't pass a budget, they will have to shut down the lottery...THE LOTTERY!!!

The state lotto requires a payment from the legislature each year. The current appropriation expires June 30, meaning no authority to pay prizes. In anticipation of a budget deadlock, the state already is planning to halt Powerball and Mega Millions sales.

“It is disappointing that the legislature’s inability to pass a budget has led to this development and will result in Illinois lottery players being denied the opportunity to play these popular games,” Illinois Lottery Acting Director Greg Smith told Fox News.

http://www.foxnews.com/politics/2017/06 ... -safe.html

[Ivytalk]

Things are so bad, that if the legislature doesn't pass a budget, they will have to shut down the lottery...THE LOTTERY!!!

The state lotto requires a payment from the legislature each year. The current appropriation expires June 30, meaning no authority to pay prizes. In anticipation of a budget deadlock, the state already is planning to halt Powerball and Mega Millions sales.

“It is disappointing that the legislature’s inability to pass a budget has led to this development and will result in Illinois lottery players being denied the opportunity to play these popular games,” Illinois Lottery Acting Director Greg Smith told Fox News.

http://www.foxnews.com/politics/2017/06 ... -safe.html

No Powerball???

That does it!

[Rob Iola]

Things are so bad, that if the legislature doesn't pass a budget, they will have to shut down the lottery...THE LOTTERY!!!

The state lotto requires a payment from the legislature each year. The current appropriation expires June 30, meaning no authority to pay prizes. In anticipation of a budget deadlock, the state already is planning to halt Powerball and Mega Millions sales.

“It is disappointing that the legislature’s inability to pass a budget has led to this development and will result in Illinois lottery players being denied the opportunity to play these popular games,” Illinois Lottery Acting Director Greg Smith told Fox News.

http://www.foxnews.com/politics/2017/06 ... -safe.html

Can't they find an Indian, er, Native American, er, First Nation tribe to take over the entire state? They'd know how to raise revenue...

[Ibanez]

Things are so bad, that if the legislature doesn't pass a budget, they will have to shut down the lottery...THE LOTTERY!!!

The state lotto requires a payment from the legislature each year. The current appropriation expires June 30, meaning no authority to pay prizes. In anticipation of a budget deadlock, the state already is planning to halt Powerball and Mega Millions sales.

“It is disappointing that the legislature’s inability to pass a budget has led to this development and will result in Illinois lottery players being denied the opportunity to play these popular games,” Illinois Lottery Acting Director Greg Smith told Fox News.

http://www.foxnews.com/politics/2017/06 ... -safe.html

Now the LOTTERY (re: poor tax) is in jeopardy?! I'm pretty sure this is how the end times begin...

[Chizzang]

Now the LOTTERY (re: poor tax) is in jeopardy?! I'm pretty sure this is how the end times begin...

^

That was funny
You aren't usually funny

[Ibanez]

Now the LOTTERY (re: poor tax) is in jeopardy?! I'm pretty sure this is how the end times begin...

^

That was funny
You aren't usually funny

Thanks?

[CAA Flagship]

^

That was funny
You aren't usually funny

Thanks?