Illinois Will Be The Poster Case For State Bankruptcy – Forbes

"At this point, Illinois has no hope of its underfunded state pension programs ever returning to solvency—even a quick economic recovery and a robust bull market won’t make a dent in its structural deficit, and its aging—and fleeing—population means that pension costs are going to continue to grow and outpace revenues without some sort of structural change that cannot be accomplished without federal help."
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daves
5 years ago

IL politicians see this, and know this. They are going to rob the store as much as they can, then torch it…and hope the Feds save it all….thats the only way their actions make sense.

UnclePugsly
5 years ago

Given the game of ‘chicken’ outlined by Mr Brannon the state and municipalities are playing to maintain ‘leverage’, that means it’s incumbent on responsible people in Illinois to do all they can to accelerate the collapse and force resolution. A really good step will be to defeat Pritzkers massive tax increase proposal.
 

Last edited 5 years ago by UnclePugsly
Bill
5 years ago

There is plenty of money for the public pensions. The only problem is that the Democrats and Liberal Republicans want to give all the taxpayers money away to welfare recipients leaving nothing for the public pensions.
 
Solution:
 
All public employees that want to keep their pensions must vote against every single incumbent. They have no alternative.
 
 

Gen. Default
5 years ago

Arkansas was broke in the 1930s, yet did not declare bankruptcy. They just did the South America thing and started defaulting on all debts. Sen. McConnell is pandering to the Communists with his talk of state bankruptcy. Speaker Peloisi is pandering to the Communists with her talk of Federal bailouts.
 
Just let Illinois default on all its debts.
 
FYI, it wasn’t until the 1950s before any finance group would think about floating a municipal bond from Arkansas. That period of absolutely no ability to pay left a lasting impression on the politicians of that state. (Until Bill Clinton came along.)

debtsor
5 years ago

He’s a liar! Illinois is just fine! We have all the money in the world for social justice!

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