Illinois is bankrupt, is Chicago the next Detroit? 'Illinois to Postpone Pension Payments “We Are out of Money Now” (border, companies)

[Mathguy]

Because it seems some of you don't know.....

The reason one bond has a lower rating than another bond is typically because it has a higher likelihood of not being paid back.

Soooooo, when Illinois has the lowest bond rating and it's been falling in recent years tells you that there is an increasing likelihood that the state will default on the bond and that IL is the most likely.

Does it mean it's imminent and certain? No. But it means the state is in huge huge trouble but get this.....can barely make any reforms because of the entrenched strength of the public unions. Even Rahm has tried and mostly failed at this.

So, before you try to pooh pooh this away because it makes you politically uncomfortable....maybe it's time to open your eyes?

[shadowne]

Originally Posted by flamadiddle

much deeper than a budget impasse > https://www.city-data.com/forum/chica...s-arrived.html

It's interesting that the majority of the green states are red states. The dark brown states are liberal bastions.

[Robeaux]

Originally Posted by Toyman at Jewel Lake

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.

I'm thinking the same thing. Technically he can't do that (taxation without representation) but when has that ever stopped him.

[SyraBrian]

So much for the idea that a flat state income tax is a miracle pill.

[Mathguy]

Originally Posted by SyraBrian

So much for the idea that a flat state income tax is a miracle pill.

Illinois problems are rooted in spending as opposed to taxation.

[Frank DeForrest]

Originally Posted by Mathguy

Illinois problems are rooted in spending as opposed to taxation.

And Illinois has the second highest property taxes in the nation.

[WaldoKitty]

Originally Posted by Frank DeForrest

And Illinois has the second highest property taxes in the nation.

By 2030 Illinois will be lucky to be in the top 10 states by population. (currently #5)

[Tall Traveler]

Originally Posted by WaldoKitty

By 2030 Illinois will be lucky to be in the top 10 states by population. (currently #5)

I've heard they will need to double their property taxes in the next couple of years to pay their bills in Chicago. Illinois already has the highest proportion of residents desiring to leave their state of the 50 states, just imagine what's going to happen when they double those property taxes...gonna get ugly.

[WaldoKitty]

Originally Posted by Tall Traveler

I've heard they will need to double their property taxes in the next couple of years to pay their bills in Chicago. Illinois already has the highest proportion of residents desiring to leave their state of the 50 states, just imagine what's going to happen when they double those property taxes...gonna get ugly.

Middle class will move out & head South leaving the very poor and ultra rich. Just like any 3rd world country based on socialism ideas.

[Mathguy]

Originally Posted by Tall Traveler

I've heard they will need to double their property taxes in the next couple of years to pay their bills in Chicago. Illinois already has the highest proportion of residents desiring to leave their state of the 50 states, just imagine what's going to happen when they double those property taxes...gonna get ugly.

I used to live there and have an old friend that sells real estate.

I always shake my head over listing after listing of $400k condos with $400/month maintenance and $800/month property taxes. That's a lot of coin for a decent condo in a decent area.

Then again, I've seen houses in Madison WI selling for 100k with $300/mo property taxes.....wth.....