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To: ScottinVA
Sounds like Rahm has seen a bit of the real world since leaving DC.

Yeah, the one where the Fed won't print money to pay for your deficits.

13 posted on 04/28/2012 2:13:38 PM PDT by BfloGuy (The final outcome of the credit expansion is general impoverishment.)
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To: BfloGuy
By now Rahm realizes that he can't just borrow money to make those payments, and the unions will not tolerate the government cutting benefit packages to current employees.

There are TWO elements to a cash flow solution ~ (1) Sell all government owned land and facilities to investors, and (2) Fire employees outright.

Illinois and its subdivisions own an enormous investment in buildings, airports, and land. Neighboring Indiana has both a far lower benefit to tax base situation, and, it has a far smaller government owned property burden.

Illinois might well adopt the Barrett Law solution and sell the public sewer system to public charitable trusts with designated bonding authority and areas of service. That would neatly separate the sewers (a high priority item) from the retiree future benefit load (a relatively lower priority item).

Any city or town, or state agency, that refused to go along with selling their sewers to the highest bidder on the bonds underwriting the property transfer would get their water cut off.

We all know what that means eh!

Oh, yeah, and sell off the municipal water systems as well. Even school systems could dispose of the problems of owning buildings by leasing them back from the public charitable trusts that would own them.

Then, too, Illinois could hire Indiana state government to run the place for a while. Now that'd be a trip eh!

15 posted on 04/28/2012 2:33:29 PM PDT by muawiyah
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