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Funny, all the linked article says is that because of a budget impasse between the Republican Governor and the Democratic legislature, certain payments (e.g., pension, lottery, etc.) cannot be made until the budget is passed because of cash liquidity arising from the impasse. No one has said Illinois is going bankrupt.
Mick
This and...
Quote:
Originally Posted by numberfive
Ask someone from Illinois why we call it "the state of Chicago" instead of "the state of Illinois".
especially this. Illinois is not a city and Chicago is not Detroit. And FWIW, Detroit is not the only municipality that has gone bankrupt in the past 5 years.
In the real world, when you don't have enough money to pay not only your current bills, but are unable to pay the ones that are coming due in the near future you are in effect, bankrupt. Budget impasse notwithstanding.
Actually, you are out of business, if it were the private sector, where they cannot take your money from you by force.
Madigan is Speaker of the House and Chairman of the State's Democrat Party. He's been in office for a whopping 44 years. Rauner vetoes. Madigan goes to work to get a 3/5th majority to override.
The state has the distinction of having had two former Governors in prison at the same time, a Democrat and a Republican. The latter was defended by another former Governor.
Funny, all the linked article says is that because of a budget impasse between the Republican Governor and the Democratic legislature, certain payments (e.g., pension, lottery, etc.) cannot be made until the budget is passed because of cash liquidity arising from the impasse. No one has said Illinois is going bankrupt.
Mick
Have you checked their bond rating compared to other states? That's a nice non-partisan gauge.
Keep in mind this is a HUFF PO article and not some rightwing blog.
Then they tried to reduce retired teacher pensions....
But please, please, keep telling us Illinois isn't going bankrupt because Moody's and the other bond ratings agencies says they're heading in that direction more and more.
All true, but I expect to see Obama offer them money any day. Shift the costs of Chicago's criminally incompetent and corrupt leadership onto the federal taxpayers.
All true, but I expect to see Obama offer them money any day. Shift the costs of Chicago's criminally incompetent and corrupt leadership onto the federal taxpayers.
Shifting responsibility is about the only thing President Obama excels at.
Naturally the state is not operating well. It has a Republican governor whose goal is to make government not work so he can say, "See, big government doesn't work."
Quote:
Originally Posted by urbanlife78
No, I don't think Chicago is the next Detroit, the two cities are completely different. I do think that the people of Chicago and the metro will be faced with tough choices as they are relied upon to cover the costs of their mostly rural state.
Are these two things a joke? Chicago is most definitely heading toward bankruptcy - the difference is, the only catalyst is far left liberal policies in Chicago - in detroit, there were a multitude of issues (depopulation, high unemployment, loss of industry). Chicago, and Illinois are in for serious serious pain solely bc of their pension liabilities. And in Illinois, pension benefits are constitutionally protected, so they can't even be cut. Chicago public schools shut down 50 schools so they can continue making pension payments - their cost to borrow money - which they NEED to do since they run an annual operating deficit of $500m, largely due to outrageous pension obligations - is near 10%.
All true, but I expect to see Obama offer them money any day. Shift the costs of Chicago's criminally incompetent and corrupt leadership onto the federal taxpayers.
And take away any incentive they are any other state or municipality to live within their means. It's sad that people will suffer for the stupid decisions of politicians that were bought for public union votes...it's really the corruption and ignorance of the voting public that votes for corrupt politicians.
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