Which state will fail first, IL or CA?
Illinois. Its biggest employer is the State of Illinois and its state constitution has been interpreted to require a 7% growth in pensions a year for all state employees.
With California, a federal push against illegals would cut a fair amount of their fiscal burden.
Which state will fail first, IL or CA?
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Interesting question. Bankruptcies have been scaling-up. We’ve moved from personal, to business level, to the big banks, and even cities declaring bankruptcy. It’s logical at some point an entire state will declare bankruptcy. What then? Does the state go into receivership? Who runs it? It’s all very weird.
Easy: Illinois. With over $200,000,000,000 in unfunded public employee pension liabilities and no end in sight, there's no way this state (I live here ....) can raise property taxes enough or any other tax enough to cover them without driving every taxpayer out of this state --- which ironically is happening already.
The problem here is it's in our State Constitution (thanks to Democrats and Public Sector Unions being in bed together) that the State CANNOT cut pension obligations to State Employees as a matter of law, period. Every "attempt" to do so has been shot down by the Illinois Supreme Court because the law would be against the State Constitution.
To be clear about this: Every time someone runs for governor or some other state wide office, they talk about passing a law to fix the pension problem here. That's a shell game. There is NO LAW that can be passed to "fix" this problem.
What is required, and the State Supreme Court has been very clear on this, is that the State Legislature change the State Constitution and eliminate or re-write the part of the State Constitution that GUARANTEES pension obligations for State Employees.
Absent that specific act, nothing will change here in Illinois and I'll tell you upfront: IT'LL NEVER CHANGE HERE IN ILLINOIS.
The public sector unions and the Democrats are in complete cahoots with each other. The public sector unions are so powerful at this point that the Democrats wouldn't DREAM of supporting a State Constitutional Convention to fix the problem. That's why they always talk about "Passing a law" to fix the problem - which they know will NEVER fix it however most voters in this state are so f'ing stupid they don't know that.
It doesn't help that every state and congressional district is gerrymandered heavily towards Democrats so they keep winning re-election (gee, there's a shocker) and what is called the "republican party" in this state is completely useless. No balls, no spine, no ideas, no nothing. They go along to get along with the Democrats and keep what few seats they have.
So which state will fail first? Illinois. I'd put good money on it.
Not only a race to the bottom, also a race to oblivion.
>>Which state will fail first, IL or CA?
the govt workers will go on living like kings and queens and that's it...
if their children and grandchildren and all their friends kids and all the kids in the church they go to go broke, or never find jobs at least not good jobs, and lose their homes then so be it....
its the govt workers, as always..
That’s an easy one: NJ will fail first.
How things have changed, I left high school for Navy boot camp in 1962 and almost every time I told someone I was from South Carolina I was met with a look of pity. Now South Carolina is being overrun by people coming from the same areas as those teenage volunteers who felt sorry for me back then. Oddly enough, as soon as they get here, many of them start trying to turn this state into the same kind of place they have just fled.
Great grandpappy was a confederate soldier, am I doomed to die in a version of Illinois on the PeeDee river?