This Is How A State Goes Bankrupt, Illinois Edition – ZeroHedge

"Somewhere back in the depths of the 20th century, a bunch of governors, mayors, and public sector union leaders got together and cooked up one of history’s greatest financial scams...  A Democrat-led federal government will happily provide the trillions necessary to keep this from happening, while a Republican administration will dither for a while before caving. Either way, the original crime is swept under the rug and the financial pressure is socialized, with all US taxpayers on the hook for previously-local mistakes."
4 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
Heyjude
5 years ago

Tik tok, it’s only a matter of time…

Susan
5 years ago

Illinois State employment percentages…African Americans apparently hold government jobs in a statistically anomalous higher ratio than that ethic group’s percentage of both total population and workforce population.

See page 9 tables of statistical reports from IDES, citing US Census source data:

“The chart below contains Illinois State employee, general population, and available labor market
data during FY 2019. As reflected, African-Americans represented 14.6 percent of the general
population, 12.5 percent of the available labor market, and 21.5 percent of the State’s workforce.”

To source see link near bottom of page

“2020 African American Employment Plan”

https://www2.illinois.gov/cms/personnel/DEP/Pages/AAEP.aspx

Tom H
5 years ago

Maybe LL and “big guy” gov will finally admit there’s a major problem. Instead of blaming it all on Bruce Rauner, some real decisions will need to be made. Hey, has anyone seen our comptroller SM???!

Poor Taxpayer
5 years ago

Spend money like Illinois and going bankrupt is easy.
Promise Huge Pensions only God can afford to pay.
Tax people some much that they hate the state and leave in huge numbers.

SIGN UP HERE FOR FREE WIREPOINTS DAILY NEWSLETTER

Home Page Signup
First
Last
Check what you would like to receive:

FOLLOW US

 

WIREPOINTS ORIGINAL STORIES

Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.

Read More »

WE’RE A NONPROFIT AND YOUR CONTRIBUTIONS ARE DEDUCTIBLE.

SEARCH ALL HISTORY

CONTACT / TERMS OF USE