Posted on 06/22/2017 2:11:43 AM PDT by Yosemitest
June 20,2017
COMPTROLLER MENDOZA REACHES OUT TO STATE LEADERSHIP
Fox News Politics June 20, 2017
Illinois careens into financial meltdown and not even the lottery is safe
The Fiscal Times on June 12, 2017
Could Illinois Be the First State to Go Bankrupt?
Business Insider on Jun. 13, 2017
Illinois is facing bankruptcy and a junk-bond level credit rating crisis
Glenn "Think Tank" on Wednesday, Jun 21, 2017
Illinois Is Facing Bankruptcy and a Junk-Bond Level Credit Rating Crisis
Bloomberg on June 9, 2017
Photographer: Mark Wilson/Getty Images Illinois Bonds Fall as Budget Impasse Pushes Rating Toward Junk
InvestorMint on June 16, 2017
The 7 Deadly Causes Of The Illinois Pension Crisis
theblaze.com on Jan 12, 2011
Illinois Lawmakers Approve 66% Tax Increase
Borrowed money. Mostly. "Quantitative easing" is when the Government borrows from the Federal Reserve. The Federal Reserve buys US Federal Government Debt and gives the Federal Government cash in return. It was a policy that began under Obama, but should be outlawed. It is "Just printing money" with the promise to pay it back, basically a promise to raise enough in taxes and legitimate borrowing to take the magic quantatatively easy money out of circulation.
Illinois must change the clause in its state Constitution the prohibits the reduction of pensions
Wait, it’s in their state constitution? Seriously?
New Yawk, Californicia, Taxachusetts, Connecticut, ....
> Wait, its in their state constitution? Seriously? <
Yep, and such a clause is not unusual in state constitutions. From the Illinois state constitution, Article XIII Section 5:
Membership in any pension or retirement system of the State, any unit of local government or school district, or any agency or instrumentality thereof, shall be an enforceable contractual relationship, the benefits of which shall not be diminished or impaired.
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