Posted on 01/01/2019 3:38:08 PM PST by george76
Illinois ranked No. 48 in an analysis of the state’s ability to pay all of its bills, including public employers’ pension benefits, according to a new ranking of the states’ fiscal health by Truth in Accounting (TIA).
Illinois was found to be short $216.1 billion to pay its bills
...
The amount of the state’s shortfall in funding to pay off its bills amounts to $50,800 per taxpayer
(Excerpt) Read more at watchdog.org ...
I heard their state gov’t pension fund is something like 80 bil under funded. Dang!
“What do these four geographical entities have in common:”
They all suck?
Death by lawyers leading the courts down the primrose path deeper and deper into debt.
Not ignoring you, just waiting for the winning. Your entry is true, but won’t win the Buck Rogers code ring.
Newly elected Governor Jelly Belly Pritzker will solve all of Illinois problems.
And people are surprised because...?
We have friends that farm in southern IL - have since the 1800’s!
How do you leave that behind when ONE CITY runs your ENTIRE State?
We have that problem in Wisconsin, too. ‘The People’s Republiks of Madistan and Milwaukeestan’ call the shots for the most part...though thanks to Governor Walker we turned back the tide for 8 short years.
*SNIF*
They have a lot of people leaving their state.
“Venezuela Soon!!!”
Probably sooner, like right about the time the upper middle class and wealthy find out what no SALT deduction means to their pockets.
Time to pony up THEIR FAIR SHARE for the liberalism they keep allowing in Illinois.
I know that for a time California was attempting to tax retirees who had moved to other states. The reasoning was that since they had earned their pensions/retirement in California, they should forever pay taxes to the state. Courts struck that idea down. The California Franchise Tax Board is relentless.
“You would think at some point they will really really run out of cash.”
Yes, you would! I know several years ago, during the downturn, California was issuing warrants to their suppliers and contractors. Unfortunately, unlike Illinois, California does have a fairly vibrant economy at present, so like the Federal Government, it can paper over its burgeoning debt. But at some point not very far into the future, the can that the Feds and a lot of states has been collectively kicking down the road, will be so badly bent up, it won’t go any further.
That’s when it’s going to get interesting. That’s when the “payoff on the free lunch” will start, it isn’t going to be pretty, and a lot of people are going to be seriously hurt in the recovery process. That debt has the ability to scuttle our country.
Wow, Milloy really destroyed CT.
The bottom five states in terms of fiscal solvency are Kentucky (#46), Massachusetts (#47), New Jersey (#48), Connecticut (#49), and Illinois (#50).
https://www.mercatus.org/statefiscalrankings
Very telling that Connecticut is in even worse shape at #49.
Not so long ago it was the home of millionaires and corporate headquarters.
That New Jersey is at the bottom of the list...no surprise.
Kentucky is probably the most corrupt state in the south, a distinction usually left to Louisiana.
In my opinion and the opinion of many, California is the next Venezuela. After all, CA already has a lunatic Dictator whose been acting as Governor and a more lunatic Dictator who was elected governor, via voter fraud, on the way along with his corrupt Marxist cohorts in the Assembly.
From the data you provided:
“Illinois’s fiscal crisis is the result of many years of poor financial decisions and budget gimmicks. It is not the result of any one politician or specific administration’s momentary misdirection or misjudgment. The Illinois Policy Institute documents the ongoing and structural nature of Illinois’s poor financial decisions and diagnoses them as a result of THE POLITICAL TENDENCY TO KICK THE CAN DOWN THE ROAD. Even in years in which the state has experienced infusions of revenues, like the one that resulted from the drastic 2011 income tax hike, policymakers end up spending the money irresponsibly. The state has increased pension benefits very generously over the years without making regular payments to keep up with benefit growth. All the while, Illinois residents have been leaving at a much faster rate than residents of any other Midwestern state, and Illinois consistently loses more residents than any other state.”
So at the end of the day, you will have a state full of retirees, with no productive residents to pay them! As I see it, one of these four financial $hit hole states, needs to go under to get everyone else’s attention. And isn’t it “interesting,” that with the possible exception of Kentucky, these states are the one’s who have “exported Socialism” to places like California, Oregon and Washington.
They are also trying to legislate a super-tax on all companies doing over a million dollars in business a year.
I guess they figure companies that big do business across state lines, so by forcing them to raise prices that will offset the super-tax, customers out of state will be inadvertently subsidizing Sacramento.
A certain amount of out-of=state customers will put up with the price hike, but I would think most customers just switch suppliers for the lowest price. This hurts everyone but the politicians, which could make anyone masochistic enough to continue living in California a little cynical. It's like watching Venezuela all over again.
Indeed! He'll raise taxes, pass new gun laws, encourage more wetbacks to move there, and before you can say "Bob's your Uncle", they'll all be living in paradise singing kumbaya!
Companies and people are leaving California by the thousands. Those who can’t leave just yet are planning their escape.
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