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 ...
I’m in if they include Florida
We have had a MAJOR WORLD POWER GO BANK RUPT IN OUR LIFETIME. Something that was thought impossible at one time. It is an interesting history to read through the “bankruptcy” events. There were no rules, it happened in real life. Assets were claimed by various parties and even the liabilities had an interesting plan.
But it does offer some interesting possibilities has what could happen with Illinois.
Nope. California will beat them too it. But it may be a close race...
We do need a process
They need to split the pensions away from the cities. Let the employees run it. The cities can add or not what they want to the employees benefit package at the bargaining table. If it fails it’s on the people not the city. This way the employees can raise or lower the package as the want.
Actually fear that all the CA and IL people fleeing their states here to Texas will turn Texas blue. And then the nation is DEAD. Sigh.
“And there is the irony that the Blue States pay the majority of federal taxes and export that money to the Red states.”
That’s actually an LSM lie based on some playing with the stats. For example, Texas is about 35th in revenue from the FedGov, but if you play with the numbers (not that hard to do and most people can’t spot the games), we show up as number 4 or so.
Researched this today. Peurto Rico’s dominant “Democrat” party is actually very socially and fiscally conservative. Party names don’t necessarily translate across national borders.
Californiqa *is* bankrupt. It’s just the financial part of the equation hasn’t gotten there, yet.
1) We woke up one morning and USSR was bankrupt. It happened that fast. I was in Mongolia and state farms were stripped. I do remember looking down and the only asset not taken was the manure chain still loaded with manure. It happened so fast the manure chain was not run for the last time.
2) Nothing changes until the cash flow stops. What causes that change? I worked with farmers and it was life as usual until the banker said no.
3) AT the point of bk there is a mad dash for assets. Some legal, some not so much. Almost like musical chairs, who is going to be with out a chair. Again the state run farms were stripped.
4) If the original bankruptee was still left in business, nothing changed, they were right back to their poor management decisions. New creditors eager to lend to a business that couldn’t go through bankruptcy for another 7 years. (in theory)
5) The right new management and outsiders helped the process. FDIC brought in the mean old retired bankers who understood banks to take over the defunct banks. The faster things happened, the better.
There are more bits of wisdom, but enough for now. Bottom line, there are no rules for state bankruptcy and we don’t want rules. Let nature take it’s course, it is brutal but then the healing begins.........................
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.
1) There are many levels of govt. Local govt used to be the strongest. Remember the role country sheriffs still have in theory.
2) if the state disappears, what is left? There are counties, citys, townships (but they are pretty much inactive).
3) In a vacuum of power left by the state there is a fight for power. Counties take it, counties realign, or an attempt is made to put the state government back together. BUT MAKE NOTE THAT NO ONE WANTED TO PUT THE USSR BACK TOGETHER.
A state going bankrupt is a new adventure and should be fun. One of my impressions of Mongolia was they were excited about their future (it was like a new frontier) because they were out from under all the heavy rules. AND they rediscovered their past which was Genghis Kahn and Buddhism. I wonder what Illinois will rediscover.
Over half of my outrageous real estate tax goes to schools/teachers union. Nothing is fixed until that is.
Outside of shitcago and its formerly republican collar counties (where i live) Illinois is a flaming red state. If we can get the inner city murder rate up high enough we may have a chance.
except for the Chicago and East St. Louis areas is quite conservative.
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Little E. St. Louis (Pop. 26,790) has very little political clout.
Sorry, Article Four, Section Four of the U.S. Constitution "guarantees" this is not going to happen. It also would legally result in taxation without representation for anyone who doesn't have the right to vote in Illinois.
The sooner the better.
ILLINOIS is morally bankrupt. THAT’S why it is on the lowest rung on the economic ladder.
No, they can't. Read your Constitution. It clearly says "No state shall be formed from another state."
Unfortunately I don’t see how.
What clout? Chicago is a corrupt cess pool. You don't think that if Southern IL became a state they would instantly enact pro-growth policies to sustain themselves?
Actually, they can form a state from another state. It requires the consent of any states involved and of Congress.
Article IV Section 3
New states may be admitted by the Congress into this union; but no new states shall be formed or erected within the jurisdiction of any other state; nor any state be formed by the junction of two or more states, or parts of states, without the consent of the legislatures of the states concerned as well as of the Congress.
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