My only hope is that maybe they can rebuild after it all collapses.
The roads in Illinois are in decent shape, compared to Michigan. But Michigan is on a firmer footing.
They might able to, if they first revert to a territory and then be readmitted into the union after cleaning up their books.
However, don’t be surprised if the game plan is to subvert state sovereignty and have the feds rescue the state in exchange for taking the state over. I can see that, at some point, if enough states allow their authority to be taken away, that a Constitution convention is used to take the authority of the rest.
The people are generally kept ignorant of what that means to property taxes
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Property taxes are local in Illinois (by county) I live in a central Illinois red county and haven’t had a property tax increase since I bought my house 24 years ago, as a matter of fact I had one decrease.
Raise the property tax in Cook county 1000%, that ought to take care of Cook county’s problem, at least delay the reckoning for a few more years.
States can not file under Chapter 9.
L
I thought there is no provision for states to declare bankruptcy .
7 states... that’s insanity. That’s 1/7 of the country.
I knew things were bad. Well, the way to deal with future sovereign debt crisis is to buy gold and silver before everyone realizes it is about to hit the fan.
I only have a tiny bit, but I guess when the divorce is final in June, I need to get more. (I’m going to avoid rocking the boat financially since I have a legal separation agreement)
Public employee unions are parasites.
Eventually they will kill the host.
If you support Democrats this is the world you created.
Currently, states cannot declare bankruptcy:
But you can be sure that IL and other states in similar circumstances will go to the federal gubmint with hat in hand. Think porkulus. The states will seek a big infusion of cash, claiming it will be used that it be used for Medicaid, infrastructure and the like, but instead it will be diverted to prop up state employee pensions (AKA Democrat voters).
Hopefully, the GOP will grow a spine and stop such nonsense from happening. It’s immoral to punish taxpayers in fiscally responsible states from bearing the burden of government leeches in reckless states.
It’s easy to point fingers at the state legislature for inept handling, and the Dems for just plain being stupid and short sighted. They are mind numbingly dense nonproductive members of society that should not breed.
But, step back and look at those impacted. The cops who risk their lives, and just do not make a whole lot. The firemen, the Dept of Motor Vehicles workers who file titles, administer tests, handle tax applications, deeds, the scores of clerks, engineers, mid-level managers who make the state run. They do not get rich, the work is drudgery, but secure. That’s the trade-off. Steady, boring work at low pay - but it is secure.
Now the secure part; isn’t.
In case anyone is interested, the “seven states” mentioned in the article are Alaska, Arizona, Hawaii, Illinois, Louisiana, Michigan, and New York.
“My only hope is that maybe they can rebuild after it all collapses.”.............
They will have to purge all the demodummies first.
States that cannot function economically need to revert to territorial status. Once they get their crap together, they can reapply for statehood.