Posted on 06/22/2017 8:03:39 AM PDT by Reily
This needs its own separate but more general topic. “What Do You Do With States That Get Into Fiscal Trouble Like Illinois?”
I guess Illinois is the worst case but are not California, New York and others not far behind?
Question: Can this be laid at the feet of Nixon’s “Revenue Sharing”? Doesn’t federal revenue sharing allow states to skate their own fiscal responsibilities, since Uncle Sucker (meaning other states!) will now pay its bills?
What are some solutions?
Start with banning Obama from the state. It will yield immediate benefits.
As a failed state, it should become a US territory with no representation in Congress and none of the rights or privileges of States.
Put the entire state government in ‘receivership’.
The one they have obviously cannot govern responsibly because of corruption at every level, from dog catcher to governor.
I think they are tied with Alabama as having had the most former governors in prison.................
What to do??
Commandeer the assets of those government officials who pissed away the taxpayers money and apply it to the state’s debt. They’re the ones who were engaged in malfeasance and improper guardians of the people’s money. Make imprudence a penalty with ramifications. Enough of this haphazardly pissing away other people’s money.
“As a failed state, it should become a US territory with no representation in Congress and none of the rights or privileges of States.”
What thoughtomater said.
Eventually the Federal government will be forced to manage their bankruptcy. However if a Republican Congress is smart they will assign a Federal czar who will have the real power of taxing, spending and essential governance in those states.
First no federal bailouts. The voters kept electing these clowns so they should accept the consequences. Let Illinois go bankrupt, but on the condition of new elections with current politicians being barred from running.
Agree with WKUHilltopper also. Except to add that we should shoot them after we confiscate all their assets.
They should do what Marxists always do: raise taxes. Lol
1. California is home to some of the most influential technology and biotechnology companies in the world, the strong presence of the entertainment industry, plus two major shipping ports.
2. New York City is the financial and media capital of the USA.
Illinois collapsed because they have horrible financial mismanagement, primarily with the City of Chicago (take out Chicago and the state is in vastly better financial shape). The solution may involve a Chapter 9 filing for Cook County and a complete revamp of pensions for anyone working for Cook County government and the state of Illinois in the Chicago area.
obviously the senior bondholders take control of the assets until they get paid in full
California is already there. You might do a little more research there.
Reduce it to a territory; expunge the current government/leadership; establish martial law to clean up the crime; appoint a federal commission, like a bankruptcy court, to supervise getting the state back on track.
After a complete audit, hold a state election to replace the government with new people...new, RESPOMSIBLE people.
During this time, no representation in US Congress.
It has to rebuild its credit, and credibility, meet its obligations.
Congress would need to to pass legislation allowing states to file a bankruptcy case.
> Commandeer the assets of those government officials who pissed away the taxpayers money and apply it to the state’s debt. <
That’s an interesting idea. A financial adviser has a fiduciary duty to always act in the best interests of the client. Those who breach that duty must pay restitution.
Government officials have that same fiduciary duty. And Illinois officials have obviously breached that duty. Make ‘em pay.
Of course, all government officials - D and R - will stick together to make sure that doesn’t happen.
Succinctly, and correctly spoken
> obviously the senior bondholders take control of the assets until they get paid in full <
That’s what the GM bondholders thought, too. Didn’t quite work out that way.
Make Cook County into a U.S. Territory, with no representation in the federal legislature.
Split the rest of the state into pieces, each of which will be annexed by a neighboring state.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.