NJ is in the same boat, and we’ve seen several credit downgrades as a result. Any Americans who can are fleeing (along with employers) to avoid the pension payments to government workers who retired decades ago (on top of the ridiculous salaries paid to our public school teachers working six hours per day, 180 days per year); soon there will be nothing here but government workers, the unassimilated permanent urban underclass, and hordes of foreigners trafficked here to keep the government worker caste “administering” SOMEONE outside the ghettoes...
The only very small ray of hope here in IL is that House Leader In Perpetuum, Mike Madigan, lost his supermajority in the recent election. This will make it easier to at least get some less controversial things done, as when he had a supermajority the Democrats were judge, jury, and executioner.
Don’t worry, Illinois! President Hillary will champion a bail...oh, woops. Never mind.
Ah, but in a State these vendors are usually significant political donors.
Donors don’t put up with this.
Reminds me of how Hemmingway described how Spain went bankrupt. “Two ways. First slowly, then quickly”.
I heard they stopped paying lottery winners. That must really put a damper on ticket sales.
Note to self - don’t sell anything to Illinois unless it’s paid for in cash, up front.
“”That’ll be cash on the barrelhead, mate
You can take your choice
You’re a bankrupt state
No money down
No credit plan
No time to chase you
‘Cause I’m a busy man...
Just wait till Trump yanks funding for refusing to drop their “sanctuary” city status.
I, having no financial knowledge or training in any way shape or form, know of 2 Illinois financial stories. The first involves a nursing home. They had patients who were being covered by Ill. version of medicaid. The payments stopped. He tried to evict the patients, and a judge ordered him to keep them. He said at some point the business would just shut down.
The second involves a friend of mine who was collecting unemployment benefits. She got them for a few months, then they stopped. She was told she was owed the benefits, and her i’s were all dotted and t’s all crossed, but the state had no money, so she wouldn’t be getting them. Ever. She moved out of state.