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Illinois Stops Paying Its Bills, but Can’t Stop Digging Hole

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posted on Jul, 4 2010 @ 09:47 AM
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The State of California is no longer at the top of the fiscal crisis list. According to the NY Times the State of Illinois has assumed that role with more than $5.01 billion in red ink, and they have stopped paying their bills. This is not only affecting the State, it is effecting everyone who does business with the State or is relying on a State pension, etc. At this rate, it's a matter of time before even more businesses in Illinois layoff even more workers or close their doors.

With many states, led by the Federal government in dire financial crisis, we have to wonder, where do we go from here? States cannot technically file for bankruptcy, so the path to reorganization cannot start from there. This is a long, hard road and we are all along for the ride. And with unemployment still as high as it is, the tax base is retracted and will be until private industry can crank up and hire again, so this is a continuing cycle it would seem.




posted on Jul, 4 2010 @ 09:52 AM
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reply to post by Wayne60
 





more than $5.01 billion in red ink



Why would you ever need that much red ink?



posted on Jul, 4 2010 @ 10:45 AM
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and remember that this has happened during both the previous republican administration and congress and the current democratic government... both parties are worthless scumbags bent on greed and corruption.

******DO NOT VOTE FOR EITHER PARTY IN NOVEMBER!!!*******



posted on Jul, 4 2010 @ 11:28 AM
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Originally posted by TheCoffinman
and remember that this has happened during both the previous republican administration and congress and the current democratic government... both parties are worthless scumbags bent on greed and corruption.

******DO NOT VOTE FOR EITHER PARTY IN NOVEMBER!!!*******


Exactly correct!

Both parties lying, thieving, criminals. I'm still looking for someone to run that is worth voting for. It's a sad state of affairs when we are forced to vote for the lesser of two evils every single time we vote.



posted on Jul, 4 2010 @ 11:30 AM
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reply to post by SUICIDEHK45
 


Maybe it isn't red ink.

Perhaps it is the blood stains of every life the worthless, corrupt politicians have ruined over the years.



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