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Could Illinois Be the First State to Go Bankrupt?
The Fiscal Times ^ | June 12, 2017 | Eric Pianin

Posted on 06/12/2017 2:43:54 PM PDT by detective

Illinois has long been the poster child for a dysfunctional state fiscal policy.

The state’s Republican governor, a formerly wealthy businessman, and the Democratic-controlled legislature have been perpetually locked in a race to the bottom as the Land of Lincoln has repeatedly flirted with near- bankruptcy and junk-bond level credit ratings.

(Excerpt) Read more at thefiscaltimes.com ...


TOPICS: Crime/Corruption; Government; US: Illinois
KEYWORDS: bankrupt; chicago; funny; humor; karma
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To: detective

“A democracy can only exist until the voters discover that they can vote themselves largess from the public treasury.”


21 posted on 06/12/2017 3:09:22 PM PDT by samadams2000 (Someone important make......The Call!)
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To: detective
If a state goes bankrupt, it should revert to territorial status, and have its entire elected state government arrested for misfeasance and malfeasance.
Their property should be confiscated, and the remainder of the debt should be paid by the residents of the state in a ‘bail in.’
22 posted on 06/12/2017 3:09:41 PM PDT by Little Ray (Freedom Before Security!)
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To: Extremely Extreme Extremist

Remove the city’s economic clout and the rest of the state would be in deep do-do. That is a fact whether we like it or not.


23 posted on 06/12/2017 3:10:20 PM PDT by arrogantsob (Check out "CHAOS AND MAYHEM" at Amazon.com)
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To: Little Ray

The Governor is not responsible for this disaster, why should he be punished?


24 posted on 06/12/2017 3:12:28 PM PDT by arrogantsob (Check out "CHAOS AND MAYHEM" at Amazon.com)
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To: detective

Didn't Michigan already win that race? Illinois will be a close second. Praise the Lord that Governor Walker pulled Wisconsin out of the competition.


25 posted on 06/12/2017 3:14:13 PM PDT by so_real ( "The Congress of the United States recommends and approves the Holy Bible for use in all schools.")
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To: detective
Chicago Democrats are bankrupting the state of Illinois. The only solution is for the rest of the country to bail them out.

No, the only solution, LONG TERM, is to refuse to bail them out. Let them default.

One thing I WOULD do, is stop ALL welfare in Illinois, and fire all the people administering the programs. Have it be that you would have to move to a different state if you wanted to apply for welfare.

Illinois would be Republican for a century afterwards. At least, the places that escaped being burned down.

26 posted on 06/12/2017 3:17:16 PM PDT by PapaBear3625 (Big government is attractive to those who think that THEY will be in control of it.)
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To: detective
The only solution is for the rest of the country to bail them out.

Ahhhhhhhhhhhhhhhhhhhh......NO!

They made their bed, let them sleep in it. If they want new leadership, new laws, new policies that will turn the state around, let them vote for conservatives. Bailing them out only perpetuates the corruption and tells voters there is no consequence for voting in corrupt politicians.

27 posted on 06/12/2017 3:21:16 PM PDT by JesusIsLord
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To: Extremely Extreme Extremist

Time for the City-states.

Carve CHI, NYC, and LA your of their respective states and give the rest of the people in IL and NY a chance. The House will be unaffected and at least in IL and NY the Senators will cancel each other out, so we’re to the good there.


28 posted on 06/12/2017 3:22:36 PM PDT by PTBAA
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To: detective

Connecticut is the same. Very bankrupt.


29 posted on 06/12/2017 3:24:04 PM PDT by Bon mots (Laughing at liberal tears!)
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To: fhayek
Damn. I had it all riding on California.

Californiqa *is* bankrupt. It's just the financial part of the equation hasn't gotten there, yet.

30 posted on 06/12/2017 3:30:26 PM PDT by CatOwner
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To: Little Ray
If a state goes bankrupt, it should revert to territorial status, and have its entire elected state government arrested for misfeasance and malfeasance. Their property should be confiscated, and the remainder of the debt should be paid by the residents of the state in a ‘bail in.’

I like the first idea about the state reverting to a territory. While the rest sounds good on the surface it blames it all on the current pols when in fact decades of bad management is to blame.

In IL is a republican really any different than a dem? I ask because the majority lives in Chicago, an extreme left city population, so what are the chances of a real republican getting elected? They would have to be so moderate that to us they would appear leftist.

31 posted on 06/12/2017 3:39:05 PM PDT by Boomer (Progressive: The leftist mental illness has "progressed" to criminally insane.)
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To: Boomer

Maybe if they would vote in Universal health care for all it would help (sarc)


32 posted on 06/12/2017 3:48:41 PM PDT by oldasrocks (rump)
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To: longtermmemmory

how would their reps vote?


Believe it or not, we moved to Illinois from TEXAS. (People here cannot quite believe that, trust me.)

The state is mostly middle of the road politically speaking, but is totally poisoned by Chicago. (mayor Ramadan Emmanual emetic supreme)

Think about it, a Republican Governor...


33 posted on 06/12/2017 3:49:17 PM PDT by Huebolt (Democraps need a diagnosis more than an explanation. Isn't there a pill?)
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To: detective
The once highly popular Democratic governor was ousted in 2014 by Rauner, who spent $20 million of his own money on the campaign.

If I had $20 million, I'd have fled the state. Rauner had to know there would be no dealing with DemocRATS. Has he never heard of Don Quixote?

34 posted on 06/12/2017 3:57:32 PM PDT by AlaskaErik (I served and protected my country for 31 years. Progressives spent that time trying to destroy it.)
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To: PapaBear3625

The problem is if you live in a border state. They’ll all move to another state and bankrupt them.


35 posted on 06/12/2017 4:05:12 PM PDT by virgil (The evil that men do lives after them.)
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To: detective

FT did a commendable job in inserting irrelevant attacks on Trump and insinuating the Illinois Republican governor is somehow partially responsible for the impending bankruptcy of Illinois.


36 posted on 06/12/2017 4:09:55 PM PDT by catnipman ( Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: Opinionated Blowhard

Some people are just content to say it’s everybody’s fault and so it’s nobody’s fault. That’s Illinois. They should go back to being a territory. As a territory they will lose their state powers and right to make laws. They become under the direct control of the federal govt.


37 posted on 06/12/2017 4:15:54 PM PDT by virgil (The evil that men do lives after them.)
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To: fhayek

Connecticut’s got to be pretty high on that list.


38 posted on 06/12/2017 4:29:34 PM PDT by grania (Deplorable and Proud of It!)
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To: Extremely Extreme Extremist

Why couldn’t the Framers had made it easier for portions of states to form their own states.


It was done with West Virginia. Interesting history.


39 posted on 06/12/2017 4:32:35 PM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: GunsareOK

I’m in if they include Florida


40 posted on 06/12/2017 4:36:34 PM PDT by Keyhopper (Indians had bad immigration laws)
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