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Illinois careens into financial meltdown

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posted on Jun, 20 2017 @ 01:43 PM
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And not even the lottery is safe.

Here's a snippet.

"Facing billions in unpaid bills and pension obligations, the state is hitting a cash crunch that is rare even by Illinois standards"

The people of Illinois are about to get bent over.
Pensions gone,
Lotto winning will not be paid,
The kicking of the financial can down the road is going to catch up to them real soon.

Both state and city government is to blame for this one so don't go placing all the blame on the left or right. Guilt for this incompetence is purple.

Bail out in the future?


www.foxnews.com...




posted on Jun, 20 2017 @ 01:45 PM
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a reply to: Bluntone22

Scary stuff. Unfortunately, I think this is just the first domino.



posted on Jun, 20 2017 @ 01:47 PM
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a reply to: TobyFlenderson

I think you might be right.
Unfortunately bailing out the weak states might bring all the other states down too.
Scary indeed.



posted on Jun, 20 2017 @ 01:48 PM
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Where do you think Obama got the idea of kicking the can down the road from. He learned from his fellow politicians from Illinois. Washington is not a newcomer to this either, it is just that Obama had no problem with taking it to a new level.



posted on Jun, 20 2017 @ 01:48 PM
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a reply to: TobyFlenderson

It is and this is why Puerto Rico is not likely to be getting statehood anytime soon. Why on earth would any sane country freely admit a bankruptcy when they have possibly dozens of their own already on board?

Btw, what happened to the blue state paradise? I thought blue states were just rolling in money.

This is what happens when you vote buy by promising things that you just can't pay for down the road (pensions to government employees).



posted on Jun, 20 2017 @ 01:50 PM
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a reply to: Bluntone22

Yeah, this State is screwed. I quit doing State work a few years ago. It used to take around 8 months to get paid, now it's around 2 years. I can't run my business like that.

170,000 people have left this he'll hole since January. People and businesses are leaving at record pace. Hellinois is a joke!



posted on Jun, 20 2017 @ 01:51 PM
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originally posted by: Bluntone22
And not even the lottery is safe.

Here's a snippet.

"Facing billions in unpaid bills and pension obligations, the state is hitting a cash crunch that is rare even by Illinois standards"

The people of Illinois are about to get bent over.
Pensions gone,
Lotto winning will not be paid,
The kicking of the financial can down the road is going to catch up to them real soon.

Both state and city government is to blame for this one so don't go placing all the blame on the left or right. Guilt for this incompetence is purple.

Bail out in the future?


www.foxnews.com...


This is what Margaret Thatcher meant when she quipped the problem with socialism is that you eventually run out of other people's money. Illinois's pension woes is a failure of liberal Democrats and government unions. You have state unions voting themselves lucrative retirement packages and liberal Democrats willing to sign off for votes. The tax payer was never represented in the negotiations. This is why even FDR was against public employee unions.

Our Democrat legislature has been spending the money earmarked for pensions leaving them underfunded. Combine that with the lucrative pension deals to employees, it will crash.



posted on Jun, 20 2017 @ 01:51 PM
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a reply to: Bluntone22
Wow can you imagine what the standing armies of Chicago's massive crime controlled neighborhoods will be like when the families of the terrorists are unable to have their monthly SNAP assistance loaded on to their cards?

Their violation of United States sovereignty is bad enough today. How will the innocent citizens who live in the occupied territories be able to safely achieve life, liberty and their pursuit of happiness in such an eventuality??



posted on Jun, 20 2017 @ 01:55 PM
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a reply to: ketsuko

Pensions and healthcare coverage for retirees had to be a huge drain on the budget.



posted on Jun, 20 2017 @ 01:57 PM
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a reply to: worldstarcountry

Most of the state hates $hitcago. Whatever happens there, will stay there.



posted on Jun, 20 2017 @ 02:00 PM
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a reply to: Bluntone22

The worst is the lawmaker crying about how their citizens can't even play the lottery!

I am sorry, but that should be the very last priority! I thought there were other essential services you should be more concerned about than whether or not you can let your citizens waste their money on a lottery.



posted on Jun, 20 2017 @ 02:03 PM
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a reply to: ketsuko

I noticed that. Poor babies can't play the lotto...
Hell, I can't buy beer on Sundays.
That's suffering.



posted on Jun, 20 2017 @ 02:09 PM
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originally posted by: ketsuko
a reply to: Bluntone22

The worst is the lawmaker crying about how their citizens can't even play the lottery!

I am sorry, but that should be the very last priority! I thought there were other essential services you should be more concerned about than whether or not you can let your citizens waste their money on a lottery.


Lotto is a tax on the stupid. However, it does generate a lot of money for the state that they now can't spend, so I can see why a politician would be upset.



posted on Jun, 20 2017 @ 02:13 PM
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a reply to: Bluntone22

It's pretty simple how to know where to place the blame. It's on big state, entitlement mentality. Also, regardless as to your statement of don't blame left or right, anyone who knows much of anything, knows which side espouses big state entitlement more than the other.

Jaden



posted on Jun, 20 2017 @ 02:14 PM
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originally posted by: Edumakated

originally posted by: ketsuko
a reply to: Bluntone22

The worst is the lawmaker crying about how their citizens can't even play the lottery!

I am sorry, but that should be the very last priority! I thought there were other essential services you should be more concerned about than whether or not you can let your citizens waste their money on a lottery.


Lotto is a tax on the stupid. However, it does generate a lot of money for the state that they now can't spend, so I can see why a politician would be upset.



I know all that, but it's just sort of ... crass. Kind of like a person who's starving and has no money for food or clothing complaining because they can't pay to get their biweekly salon visit.



posted on Jun, 20 2017 @ 05:58 PM
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originally posted by: TobyFlenderson
a reply to: Bluntone22

Scary stuff. Unfortunately, I think this is just the first domino.


Don't forget the twenty trillion dollar domino. When they all fall they are going look like an outline of the United States.



posted on Jun, 22 2017 @ 12:33 PM
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www.chicagotribune.com...

Well, this isn't good. I'm furious about this, I also see no solution to these failing states. Let the left FUBAR a state's financial resources and then force the border states to absorb it's massive debt and people who were incorrigible in the original state's downfall. Let's see, CA is aligning itself with China, Illinois wants absolved and absorption by it's border states.....

Sounds like the left won't take responsibility for their insane ways of running a state into the ground and once again, demand the backs of middle America be used to 'save' them. Yet, they continue to bitch about "the man" and having to work for a living as they hoist their infinite financial burdens our backs.

From the link above:


Illinois hasn't had a state budget for years. The state continues to spend money it doesn't have, and the state's credit ratings have dropped, increasing the cost of borrowing more money we don't have to keep the rotten shebang going.

Bills pile up; Moody's Investor Service says taxpayers are on the hook for $251 billion in unfunded public union pension liabilities.

Boss Mike Madigan, king of the Democrats who control things, wants tax increases but no real structural reform to bring stability to The Venezuela of the Midwest.

And the whispers of bankruptcy won't help the average (remaining) taxpaying chumbolones like you and me who don't want to leave our homes but who'll get stuck with the bills.



This is what's known as an invasion and conquering from within.
edit on 22-6-2017 by StoutBroux because: (no reason given)



posted on Jun, 22 2017 @ 12:38 PM
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Obama's real legacy.



posted on Jun, 22 2017 @ 01:15 PM
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a reply to: Bluntone22



I live in Illinois, unfortunately hah ... and IMHO the primary mistake that was made here was when they allowed government employees to unionize, and then collectively bargain for higher wages, and ever-bigger pensions.

They became parasitic, and are now about to 'kill' their host.



posted on Jun, 22 2017 @ 01:21 PM
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a reply to: Bluntone22

Crash and burn!

Get rid of every politician and government lacky in Illinois.

They failed at their job.

They lied to the people that hired them.

And I'll bet anyone that the #ing politicians never had to worry about their paychecks!



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