[Illinois State] Comptroller Mendoza Reaches Out to State Leadership (We're broke and going down!)

Illinois State Comptroller ^ | June 20, 2017 | Susana A. Mendoza

[Zakeet]

The problem with socialism is that eventually you run out of other people's money. -- Margaret Thatcher

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I have highlighted the most important parts of Ms. Mendoza's letter.

To make matters worse, Moody's and S&P have announced that they will downgrade the state's debt to junk status in 10 days. That will trigger a large increase in interest rates (hence interest expense), will require many pension plans and insurance companies to dump the State's obligations, will cause their bond prices to plunge, and will make it virtually impossible for the state, or its cities for that matter, to issue new debt.

[moovova]

[moovova]

You knew that was coming dint’ya?

[Dilbert San Diego]

Geez. Illinois is in big trouble. I wonder how they will solve their problems???

[Extremely Extreme Extremist]

https://westernrifleshooters.wordpress.com/2012/09/03/bracken-when-the-music-stops-how-americas-cities-may-explode-in-violence/

[mrsmith]

It's great to be a politician in Illinois...

[Bernard]

Only a $7 Billion per year shortfall? Simple solution - put ICE on speed-dial, get the ILLEGALS out of Illinois and the spending drops. Medicaid, law enforcement, education, and the list goes on.

Longer term, call another state constitution convention and fix the public employee pension MOAB that also bleeds the state dry. But that would require leadership and courage. Maybe after 8 years as POTUS, Donald Trump could move to Illinois and run for Governor.

[heshtesh]

Are they still allowed to sell lottery tickets in Illinois??

[Enterprise]

"Well I'm going down
Down, down, down, down, down
I'm going down
Down, down, down, down, down
I've got my head out the window
And my big feet on the ground"

[umgud]

At this point, why would anybody but anymore of their debt? Promises of high returns can’t be paid.

Taxpayers and bond holders will be hit hard. Retirees not so much.

[Zakeet]

Geez. Illinois is in big trouble. I wonder how they will solve their problems???

In a true Biblical manner ... with weeping, wailing and gnashing of teeth ... by people dressed in sackcloth and ashes ... expect the loudest and most passionate response from civil service unions, welfare recipients, college students and professors.

Expect a run on Play Doh, Crayons, crying towels, comfort dogs, and Binkeys ... along with mass demonstrations and demands for a Federal bailout.

[vette6387]

“Maybe after 8 years as POTUS, Donald Trump could move to Illinois and run for Governor. “

In 8 years Trump will be nearing 80 years of age! I think he will want to pass on the offer. If he is able to continue at his current pace, and fulfill his commitments to this country, he will go down as the man who saved the United States of America. Only when the “good citizens of Illinois” shed their RAT/Union chains, will there ever be a future there. To be sure, California has massive fiscal problems, but they are still in the realm of “fixable,” owing to the state’s GDP. But that will not be the case for much longer.

[HombreSecreto]

Am I the only FReeper smiling at this news?

BWAHAHAHAHAHAHAHAHAHAHAHA

[dowcaet]

I think we’re about to see rat on rat combat on this one.

[Moonman62]

Maybe they can raise money by selling their illegal aliens to California.

[Moonman62]

Geez. Illinois is in big trouble. I wonder how they will solve their problems???

...

Why doesn’t Barry move back and solve their problems?

[Presbyterian Reporter]

Illinois needs to privatize all aspects of government and the problem is solved.

[BilLies]

You don’t think Illinois’ financial situation had anything to do with the Obamas, all of them, choosing to remain anywhere but Chicago and Illinois, do you?

[Moonman62]

Would the state version of bankruptcy allow them to break their contracts?

[Enterprise]

I read that POWERBALL gave Illinois until the end of June to come up with a budget or they will stop selling tickets in Illinois.