I've got other ideas.
Posted on 11/02/2011 6:58:42 AM PDT by SeekAndFind
What could be worse in Illinois right now? It's November and ‘Da Bears' are barely above .500, while the hated Packers are undefeated and the Lions (the Lions?!) are positioning themselves for a playoff run.
Here's what could be worse. Illinois' state budget, filled with gimmicks, constructed for years on promises for which there were no revenues, and sustained by borrowing of the type that would make even a loan shark blush, is in serious meltdown mode. Less than a year after the state raised taxes by some $7 billion in the face of a fiscal crisis, legislators in Springfield, whose government qualifies as the fiscal bad-boy of states, have done little to address Illinois' long-term spending and borrowing problems.
Even while the state's vendors wait up to a year for money they are owed, Gov. Pat Quinn is making sure that favored insiders get paid. The Securities and Exchange Commission is investigating whether Illinois exaggerated in bond offerings the savings it claims it will get from last year's largely cosmetic pension reforms, which did little to fix the worst state pension problem in the country. And now the governor is actually proposing the state borrow even more, up to $5 billion, to clear up some of those back bills, which prompted an editorial from the Chicago Tribune under the simple headline: "No. More. Borrowing."
Illinois is like the Bears after Walter Payton, the Bulls after Michael Jordan. Except that it's been even longer since the state could claim it had a championship season.
(Excerpt) Read more at realclearmarkets.com ...
It’s past time to withdraw from Illinois. It’s lost.
Greece, California, Illinois...do I detect a pattern here?
It would all be good fun if I didn’t know in my heart that the rest of the country will wind up bailing them out.
I see federally guaranteed state bonds courtesy of Baraq.
To put the matter in perspective, last week someone noted that Greece could be compared to Los Angeles.
Michigan was next on the list but they elected a Republican Governor so they have a chance to turn it around.
“It’s past time to withdraw from Illinois.”
Just did just that. And anyone who is able to should consider it as well. ASAP!
My daughter left last summer (and I helped her to move, with enthusiasm).
Don’t blame me, I voted for Bill Brady.
When Peter was fat and sassy, Paul was always paid. Now, Peter is flat broke.
Rick Snyder is a social liberal but is a lot more pragmatic on the fiscal front. The GOP has firm control of the Michigan legislature but we have to lean on them a lot.
“Worster” (Worcester) is smack dab in the middle of Massachusetts, for the record.
What do you expect from a state with one of the largest abortion mills in the country and civil unions?
Illinoisians should step up and sign the petition to define marriage for the November 2012 election.
http://www.DefendMarriageIllinois.com
2 Chronicles 7:14
Ditto - and before that, Adam Andrzejewski.
Amusing that the Trib is all bent out of shape about the borrowing. If we had the Tribune of 40 years ago, Springfield might not be filled with all the scumbags who populate the legislature, and Stateville might have fewer ex-governors in residence (and yes, I know our ex-governors usually end up at the higher end prisons).
Rick Snyder is a social liberal but is a lot more pragmatic on the fiscal front. The GOP has firm control of the Michigan legislature but we have to lean on them a lot.
It is very encouraging that Michigan is turning it around with Republican majorities. My home state Minnesota is headed that direction as well and could go red the next election if not then in 2016 for sure. So things are looking up in the Midwest minus our weak sister Illinois. I am in Florida which will be red for quite some time now.
My grandmother who was born and raised in Worcester, MS would tell you it’s pronounced “Wooster”. :)
Nah, if she was FROM there, she’d tell you that it was pronounced “Wistah.” ;^D.
(She might even tell you she wasn’t from Mississippi, but she probably didn’t care about postal codes.... To her, I’m betting it was “Mass.,” not MA, but certainly not MS.)
We weren’t in a position to be able to go, but we’ve been wanting to for at least 2 years. We were finally at a point where we were able to and we’ve done it “with enthusiasm” as well. I just wish everyone that wanted to leave were able to do so. As it is, I think Illinois isn’t going to realize what hit them as people leave in a mass exodus. I’m hearing from multiple tax people/accountants and a number of lawyers as well that there’s a traffic jam of people calling/coming in to them for advice on “moving on out”!
Reminds me of an old saying: When you rob Peter to pay Paul, you will make Peter sore, and most of us know how hard it is to work with a sore Peter.
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