Illinois could soon be the first state in history to have its bonds rated as “junk.” Last month, both Moody’s MCO and Standard & Poor’s downgraded Illinois debt to just one notch above junk status.
Last week, the Illinois State Senate President Don Harmon (D-Chicago) wrote a letter to Congress requesting a $41.6 billion bailout. Critics balked.
In many ways, Illinois may have already crossed the Rubicon.
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-WiscoDave
They created their problem, let them deal with it. The Chicago area has more six figure government positions than anywhere else (there are a couple of Kalifornia cities that are close behind). Those 6 figure pensions need to be re-negotiated and cut in half.
ReplyDeleteTo hell with states that can't or won't balance their budgets, I have to or I go to prison for skating checks. No public employee is worth $100,000+ even directors of agencies. Let them go bankrupt and then have the President and congress strip their statehood and become a Territory and under very strict receivership and budget constraints and have every single state employee fired then have to reapply with a lower wage and benefit profile
ReplyDeleteOh you should see some of the salaries of school superintendents in Texas. There are some who make more than the POTUS is paid.
DeleteDemocrats! Fuck em.
ReplyDeleteIL: We're in deep trouble because of Billions of unfunded pensions.
ReplyDeleteCA: Hold my beer.
The other Rick
In CA, there are over 100,000 public employees pulling down more in retirement than when working.
ReplyDeleteThe other Rick
I ran the numbers on a per capita basis. Believe it or not, regarding payroll and pensions, Illinois is actually more screwed up than California is, financially speaking. Hard to believe, I know.
DeleteLet's see how fast they go running to President Trump for a bailout.
ReplyDeleteThey already have been. That's what it was all about when NY gov said to anyone that cared that he (President Trump) will see what happens if he should try to preclude blue state run into the ground from getting fed bailouts. Trump then said, any fed monies sent to the states shall only be directly related to COVD-1984. The game is afoot.
DeleteThe other Rick
I think local government unions are fucking us way more than the feds.
ReplyDeleteIt's pretty much all academic at this point. We have been spending money far far faster than we could ever repay it since before I was born. We are now spending more money in two months than we spent in the entirety of World War 2. And that spending increases every year. We are well past the point of no return when it comes to "balancing the books". The only way they get balanced now is via a massive reset of everything. And the current overinflated massively exaggerated pseudo crisis may be the trigger for that reset. It's being pushed hard by the commie left and their media whore accomplices in order to destroy the current paradigm in hopes of replacing it with the power structure they want. The only saving grace we face in the current disaster is we here are in better shape than virtually every other country. But this just means we have further to fall to hit bottom. The collapse they face in the Congo is a speed bump compared to the cliff in front of us.
ReplyDeleteCommies, Blouted Pritzger and Little lorry lightweight (Chi. mayor) are using the pandemic as a way to steal more money from the taxpayers of Illinois, because of malfeasance, corruption, theft. Now watch them try to make the nation's taxpayers pay for their horrendous debt.
ReplyDelete