Posted on 06/23/2017 1:58:57 PM PDT by davikkm
Illinois is now spending over 100% of its monthly revenue and talk of Chapter 9 bankruptcy has begun; Congress has yet to step in, but chatter predicts it may not be much longer. The problem remains that until Illinois (and more specifically Chicago) changes its economically suicidal policies, there is almost nothing that can be done to stop the spiral. Major ideology changes will be blocked constantly, but there is something they can do that will keep all sides relatively happy.
People have been talking about Illinois going bankrupt for years (in fact it seems to be an almost annual cycle), but this is perhaps the first time that it has a real possibility of happening. Letters have been sent out to contractors employed by the State asking them to stop “billable work” on or before July 1st as they will not be paid.
Tinkering around the edges of taxation has utterly failed. In 2011 the personal income tax was raised by 2/3s squeezing many who were only just getting by. And then they increased the corporate tax to 30% which hurts small to medium sized employers far worse than large corporations (who just move their money around). These plans didn’t work the, and unfortunately, it seems they will try and do the same process again. Chicago Mayor, Rahm Emmanuel, has decided that he will solve this problem by…Raising Taxes Again!!!
(Excerpt) Read more at investmentwatchblog.com ...
Fake news headline. Read Section 109 of the Bankruptcy Code.
I first saw the territory idea on FR. I don’t recall if it was a post by you or someone else, but it makes a lot of sense.
Please let them declare Chapter 9.
The federal government, unlike the states can create money by fiat. They won’t “run out”, they will just inflate it. QEXXIII
Unless of course Trump really can grow the economy by 6%.
I’ve never seen the idea before, but it’s likely that a number of people came up with the same idea independently. Free Republic tends to be populated with extremely intelligent, highly creative, honest people.
Here’s a good solution by ChiTrib writer, John Kass
How about no one get anything free??
Illinois is all our futures if we dont destroy the uniparty.
“Put the state under a federally appointed emergency manager with the ability to say no to the state legislature.”
The federal government has that option under the 1867-68 Reconstruction Act.
Under the act, a military governor is appointed, backed by troops. The entire Illinois congressional body is thrown out of Congress. Then the state is told to pass constitutional legislation that gives its citizens their rights as outlined by the US Constitution.
There’s more. Books have been written about reconstruction.
Wisconsin does not want the Chicago part. We will trade that for other land with Indiana.
Maybe Wisconsin could trade Racine and Milwaukee for downstate Illinois...
Thanks. That did strike me as a potential sticky part of the essay.
Breaking up a bankrupt 'rat state has some positives.
HOORAY Wisconsin (most surprising), Michigan and Pennsylvania in the 2016 election.
1. Stop Sanctuary City processes for any illegal migrant who commits a crime.
I was not surprised. We had a lot of close national elections prior and we the state went very right the last 6 years. The surprise was the dems couldnt use their chicago buddies to steal the election this time.
The enabling personality is default. President Trump and Congress may be tempted at some form of bailout for Illinois, such as, money from Texas, who are currently keeping the nation afloat.
But similarly, feeling the pain of the Obamacare mess of insurance company abandonment, this real pain for citizens changes attitudes. It changes minds.
Let Illinoians feel the pain.
Could the state of Illinois soon become like the cities of Detroit and Flint?
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