Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Skip to comments.

This State is Looking at Bankruptcy – There’s a Simple Way to Pull Back from the Brink
IWB ^ | Mark Angelides

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 ...


TOPICS: Government; Politics
KEYWORDS: bankruptcy; state
Navigation: use the links below to view more comments.
first previous 1-2021-36 last
To: davikkm
This State is Looking at Bankruptcy

Fake news headline. Read Section 109 of the Bankruptcy Code.

21 posted on 06/23/2017 3:39:41 PM PDT by PAR35
[ Post Reply | Private Reply | To 1 | View Replies]

To: Savage Beast

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.


22 posted on 06/23/2017 3:40:56 PM PDT by PAR35
[ Post Reply | Private Reply | To 5 | View Replies]

To: davikkm

Please let them declare Chapter 9.


23 posted on 06/23/2017 4:10:23 PM PDT by Renkluaf
[ Post Reply | Private Reply | To 1 | View Replies]

To: txrefugee

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%.


24 posted on 06/23/2017 4:20:13 PM PDT by Hugin (Conservatism without Nationalism is a fraud.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: PAR35

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.


25 posted on 06/23/2017 4:22:31 PM PDT by Savage Beast (MegaMAGA!)
[ Post Reply | Private Reply | To 22 | View Replies]

To: All

Here’s a good solution by ChiTrib writer, John Kass

http://www.chicagotribune.com/news/columnists/kass/ct-dissolving-illinois-kass-met-20170620-column.html


26 posted on 06/23/2017 4:35:52 PM PDT by PGalt
[ Post Reply | Private Reply | To 1 | View Replies]

To: marktwain
Here’s an easy one. If you are illegal you do not get benefits. No food stamps, no free housing no free medical.

How about no one get anything free??

27 posted on 06/23/2017 4:36:35 PM PDT by ealgeone
[ Post Reply | Private Reply | To 17 | View Replies]

To: davikkm

Illinois is all our futures if we dont destroy the uniparty.


28 posted on 06/23/2017 5:10:39 PM PDT by Secret Agent Man ( Gone Galt; Not averse to Going Bronson.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jonty30

“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.


29 posted on 06/23/2017 5:16:20 PM PDT by sergeantdave
[ Post Reply | Private Reply | To 6 | View Replies]

To: PGalt

Wisconsin does not want the Chicago part. We will trade that for other land with Indiana.


30 posted on 06/23/2017 5:19:02 PM PDT by Secret Agent Man ( Gone Galt; Not averse to Going Bronson.)
[ Post Reply | Private Reply | To 26 | View Replies]

To: Secret Agent Man

Maybe Wisconsin could trade Racine and Milwaukee for downstate Illinois...


31 posted on 06/23/2017 5:50:02 PM PDT by marktwain (President Trump and his supporters are the Resistance. His opponents are the Reactionaries.)
[ Post Reply | Private Reply | To 30 | View Replies]

To: Secret Agent Man
Wisconsin does not want the Chicago part.

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.

32 posted on 06/23/2017 6:04:56 PM PDT by PGalt
[ Post Reply | Private Reply | To 30 | View Replies]

To: KarlInOhio
1. Stop Sanctuary City processes for any illegal migrant who commits a crime.

1. Stop Sanctuary City processes for any illegal migrant who commits a crime.

33 posted on 06/23/2017 6:17:56 PM PDT by itsahoot (As long as there is money to be divided, there will be division.)
[ Post Reply | Private Reply | To 9 | View Replies]

To: PGalt

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.


34 posted on 06/23/2017 6:41:59 PM PDT by Secret Agent Man ( Gone Galt; Not averse to Going Bronson.)
[ Post Reply | Private Reply | To 32 | View Replies]

To: davikkm

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.


35 posted on 06/23/2017 7:18:55 PM PDT by TheNext (SLOW FUND Wall = Trump 2020 Trump Jr 2024 Eric 2032)
[ Post Reply | Private Reply | To 1 | View Replies]

To: davikkm

Could the state of Illinois soon become like the cities of Detroit and Flint?


36 posted on 06/23/2017 8:01:50 PM PDT by Doc91678 (Doc91678)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-36 last

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.

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson