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| Economy |
| Illinois Moves another Step Closer to Bankruptcy |
| 2017-07-08 |
| I post this because I have family and friends in Illinois. From TFA [DanielJMitchell] Looking at this grim situation, the state legislature decided it had to act. Unfortunately, the politicians in Springfield decided that action meant stepping on the accelerator while driving in the wrong direction. Democrats in the state legislature (joined by some big-government Republicans, just like in Kansas) just overrode Governor Rauner’s veto and imposed a huge tax hike on a state that already has one of the nation’s highest tax burdens. This will hasten the state’s collapse. See more at the link |
| Posted by:badanov |
| #7 ..change the constitution. Where's the graft in that. Instead just indenture the rest of the population. Serfdom to unions. |
| Posted by: Procopius2k 2017-07-08 19:13 |
| #6 And the state constitution that says that retirees' benefits cannot be cut. No matter what. So if the fire departments, police departments, current teachers all have to be laid off, because ALL of the money goes to pay pension benefits - oh, well. |
| Posted by: Rambler in Virginia 2017-07-08 15:41 |
| #5 ...and mandatory union |
| Posted by: Procopius2k 2017-07-08 09:04 |
| #4 The financial problems of Illinois go back to the 1950's. One of the contributors (and there are many) was the consolidation of school districts, the establishment of mega-schools, busing, and the educational bureaucracies that accompany large consolidated schools. |
| Posted by: Besoeker 2017-07-08 08:41 |
| #3 A swirling drain graphic is appropriate for Illinois now. |
| Posted by: Mullah Richard 2017-07-08 08:34 |
| #2 When the pension checks start bouncing Florida and Nevada will feel the impact. With no state taxes, sunny weather.... Florida and Nevada attract many 'young' Chicago retirees. |
| Posted by: Airandee 2017-07-08 06:12 |
| #1 In 2014 it was estimated that every household in the state of Illinois would have to pay $88,000.00 to bail out underfunded Public Sector Unions plus all other underfunded obligations at that time. The double barrel effect is that both the state and the city of Chicago are deep in the red. Not sure what the number is per household in 2017. |
| Posted by: Zebulon Hupereling3415 2017-07-08 01:47 |