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To: Wally_Kalbacken
The reason IL is in such tough shape is that their constitution prohibits reductions in public employee benefits.

Those constitutional provisions will be scrapped one way or another. The proceeds of the entire State economy cannot pay for the accumulated pension liabilities.

Public employees will be forced to settle for ten cents on the dollar - if they are lucky.

Of course the Illinois officials will plead for Federal bailouts, but nothing they may get will be sufficient. They will try raiding private retirement funds, raising sales taxes, and gas taxes and income taxes, and cannibalizing homeowners through insane property tax increases.

It will stop when there is violent opposition to local authorities as they try to enforce these taxes.

80 posted on 04/17/2020 9:29:36 PM PDT by flamberge (The wheels keep turning)
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To: flamberge

Heck, look at the recent big tax and fees increases (most by Pritzker, but the income and some local sales tax increases predate him), which did virtually NOTHING to stabilize IL’s finances because virtually all the projected increase in revenues* went to new spending.

*Most of that revenue was going to die off in a couple years anyway because the taxes and fees already have IL much too far on the wrong side of the Laffer curve.


90 posted on 04/17/2020 10:44:28 PM PDT by Paul R. (The Lib / Socialist goal: Total control of nothing left wort h controlling.)
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To: flamberge

I believe they’ve tried all those things. They’re already insolvent, issuing IOUs to lottery winners.


116 posted on 04/18/2020 6:29:25 AM PDT by gogeo (It isn't just time to open America up again: It's time to be America again.)
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