Posted on 06/16/2017 7:28:51 AM PDT by Stopthethreat
A financial crunch is spiraling into a serious problem for Illinois lawmakers, prompting some observers to wonder if the state might make history by becoming the first to go bankrupt. At the moment, it's impossible for a state to file for bankruptcy protection, which is only afforded to counties and municipalities like Detroit.
Chapter 9 bankruptcy protection could be extended to states if Congress took up the issue, although Stanford Law School professor Michael McConnell noted in an article last year that he believed the precedents are iffy for extending the option to states. Nevertheless, Illinois is in a serious financial pickle, which is why radical options such as bankruptcy are being floated as potential solutions.
Ratings agency Moody's Investor Service earlier this month downgraded Illinois' general obligation bonds to its lowest investment grade rating, citing the state's growing pile of unpaid bills and its mounting pension deficit. Illinois, by the way, has the lowest credit rating of any state. Lower ratings mean higher borrowing costs, since lenders view such borrowers as riskier bets.
(Excerpt) Read more at cbsnews.com ...
When Caterpillar left the state years ago, it was clear that it was a terrible place to do business.
Should be no surprise that it’s a heavily democrat run state. Worker’s Compensation costs annually for state workers runs into the billions of dollars. It’s a mess.
Sheeeeeyit. It's impossible for states to encact treaties with foreign government but that didn't stop Jerry "Flush it Down" Brown.
demonicRATS don't give a flying fig about rules or or laws or Constitutions.
To them, those are all more like guidelines than a set of hard and fast rules. They're a bunch of Capt. Barbossas.
And don’t try to collect on a lottery ticket - you’ll get an IOU for payment sometime in the future ... maybe.
Perhaps they could start a GoFundMe page?
The multistate lottery (Powerball, Mega Millions)just announced it will pull out of Illinios because they will not budget money to pay the winners.
In the end...
There will be cities/states with growing populations, growing economies, affordable taxes and curtailed/no public unions.
Or...
There will be cities/states with declining populations, decimated economies, insane taxes and thousands upon thousands of abandoned houses and businesses.
The Democrat-controlled Legislature knows it has the votes to just wait out the Republican governor, put all the blame on him, and continue to do what they’ve been doing. State Senate leader Mike Madigan has been in office for all but 2 years since 1983 - longer than any other state legislator. And I’m afraid only the Grim Reaper will remove him, and at age 72 that may not happen anytime soon. And he’d be replaced by another Democrat.
What I want to know is this: Where is the Illinois Secession movement? We need to secede from Chicago.
They can raise taxes until citizens can't afford to pay them, then confiscate their property for resale to others at a discount.
States always have your property to take over, because your property is within the state.
They can raise taxes until citizens can't afford to pay them, then confiscate their property for resale to others at a discount.
States always have your property to take over, because your property is within the state.
Cat is reducing jobs and closing plants in Illinois but they just announced moving to Chicago because the CEOs wife doesn’t like Peoria.
> Trump should bail them out. Start in Chicago. I’m thinking a trillion dollar stimulus package given to Rahm to create shovel ready green jobs. Obama can community organize everyone. <
Your proposal is lacking as you did not include Hillary Clinton. Perhaps Hillary could be brought on board - for $500,000 - to give a short, meaningless speech. The topic should be: “It Takes a Bailout of a State to Raise a Child”.
Wasn’t some community organizer supposed to have done great things for his home state?
Cat’s HQ is still in Illinois, but they did move thousands of jobs out of Central Illinois.
There are still many thousands of Cat jobs in Illinois, though.
You, you are a funny guy. That is comedy gold there. I see what you did.
This is happening right now.
I suspect they have been planning bankrupts for years and plan for the take over of everything. Micromanagement/communism is the goal.
“We need to secede from Chicago.”
And Springfield too?
First. Not the last.
If this does happen I wonder how many professional sports teams would seriously consider leaving Chicago.
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