Illinois Stops Paying Bills
For the last few years, California stood more or less unchallenged as a symbol of the fiscal collapse of states during the recession. Now Illinois has shouldered to the fore, as its dysfunctional political class refuses to pay the state’s bills and refuses to take the painful steps — cuts and tax increases — to close a deficit of at least $12 billion, equal to nearly half the state’s budget.
Then there is the spectacularly mismanaged pension system, which is at least 50 percent underfunded and, analysts warn, could push Illinois into insolvency if the economy fails to pick up.
States cannot go bankrupt, technically, but signs of fiscal crackup are easy to see. Legislators left the capital this month without deciding how to pay 26 percent of the state budget. The governor proposes to borrow $3.5 billion to cover a year’s worth of pension payments, a step that would cost about $1 billion in interest. And every major rating agency has downgraded the state; Illinois now pays millions of dollars more to insure its debt than any other state in the nation.
Labels: state politics
posted by SCC at 12:01 AM
39 Comments:
lets see "sanctuary" city state and county says it all! Do like Arizona and watch the deficit fall rapidly! The chickenship idiots in charge won't do it! Another reason for people to relocate to ARIZONA!
We need a Governor like Christie from Jersey to clean up the mess that these idiot liberal democRATS are causing here.
Why does it take the NY Times to point this out?
But then again the NY Times is to the left of Pravda, I am trying to figure out what the Times' hidden agenda is. Bush's fault?
And the common denominator is both California and Illinois are entirely Democrat controlled. Take a look at the Republican states, they don't have budget problems and in fact, they have a surplus. The Democrats will keep the wastefull social programs to get the votes from the deadbeats and in turn the deadbeat feels there is no reason to be productive if they get stuff for free. And the cycle continues.
Illinois is so fucked up and Quinn the other day created another beuroeaucracy, a "bullying task force" and signed it into law. A 15 member team and God knows how many administrative people. Check it out more waste for nothing.
I'm sure that Quinn can get some help from Chicago, and how they are handling their business. Daley has developed "Organized Chicago Privatization", or better known as OCP. Quite frankly, SSC has started as part of that organization, but has come a long way since then. Soon, SSC might be known as Robo-... !
You have to remember that Illinois is a progressive state according to Quinn and progressives don't know meaning of cut spending / cut taxes. What do you expect from a state that elected Obama to the senate and then helped give him the presidency?
That article is bullshit. States can go bankrupt. Their bonds could be worth less than the paper they are printed on. They could run out of funds to pay their employees, etc. The only way a state stays afloat is if someone bails them out, like a federal gov't with federal tax dollars.
We are so f'ed
where are they borrowing their money from visa? im telling you those cash advance loans don't pay out. how would we owe $1 bil. for only borrowing $3.5 bil. thats some crazy interest rates.
DETROIT
We democRATS hope we can count on your continued support.
Where the fuck are you getting a loan at 30% interest and why are they not in jail?
How 'bout this you friggin idiots:
If it isn't collapsing, don't friggin rebuild it. We have no money. Stop buying stuff. Stop building new stuff. It can wait..WTF!!!!
June 22, 2010
CHICAGO – Illinois Governor Pat Quinn has confirmed a $6 million capital grant to assist with the completion of a museum dedicated to the nation's television and radio history
The writing is on the wall, without an increase in the Illinois State Income tax this state will surely go down the tubes.
Whoever is governor next, Republican or Goofy, will have no choice but to raise that rate from the low 3% to either 5% or 6%.
Face it, no state around here has a state tax rate as low as Illinois. And no state in the 50 states is in such piss poor shape.
That tells me an increase is coming, no matter what. How much is the only question.
And services will be cut, deeply, to the point that most everyone will be impacted to some degree.
At some point, likely real soon, it will become impossible for Illinois to continue to operate. Failure to pay bills will begin to cause the closure and insolvency of businesses that depend on state payments. That will increase unemployment, placing greater demands on unemployment funds, which aren't there, which will lead to greater unemployment.
See where this is heading? And our idiot leadership have been so busy figuring out how to steal that they are letting the state go right down the toilet.
Madigan and Cullerton should face the wrath of the millions they are throwing into financial chaos.
And what is king richard shortshanks going to do? Retire is my guess. I doubt he will still have that fire in the belly he talks about if he can no longer do things his way.
Upon retirement, I would strongly urge every officer to move their family from Illinois to another state. Attempting to pay off that enormous state debt will make your retirement years difficult. Also, your kids will share this burden created by inept politicians. Sure glad I got out. Its a great world outside of Illinois.
How about downsizing government? Do we really need all these state senators, congressmen, etc? Remap the state.
We are so fucked.
Gov. Jello-head has no clue on how to run any state government!! Instead of creating jobs, luring businesses back to Hellinois....he raises taxes and then borrows to pay for their pension funds. I am wondering now....who pay into mine if I don't? Ya see the pattern here? We are getting fucked and we are still voting there assholes in!! When will we change things to our advantage? When?
crazy but daley is opening more cps shit schools, mostly attended by illegals we are forced to pay for daleys ineptitude! And the crime wave of the daley family continues unabated!
They have a museum in downtown Washington DC devoted to newspapers and journalism. So I guess we should have one for radio and TV news. Fact is it is really sad to see that museum in DC, They post a newspaper front page every morning from every state in the union. You know no body reads them anymore. The museum shows news coverage of the landing on the moon in 1969, etc. In fact, it shows how irrelevant dead tree reporting has become. It is like a museum devoted to a collection of kerosene lamps, buggy whips, and button up shoes.
I am sure our multi-million dollar museum will become equally irrelevant to 99 percent of the population...Larry Lujack, Wally Phillips, Fahey Flynn, Walter Jacobsen, Dick Biondi, Steve Dahl, Spike O'Dell...child please.
People left Michigan in droves. People left St. Louis Mo, and Clevelmad as well. Big population loss. No one to buy your house when you get old in those towns. We are next
Quinn has one foot into the abyss and the other on a banana peel.
sanctuary" city state and county JUST KEEP VOTING THE STRAIGHT PARTY LINE AND FUK YOUR FAMILY Luvs ya Signed Daley/Quinn
The state is going a head with its plan to build a Peotone airport using eminent domain to condemn the property of those unwilling to sell. Yet our media continues to blame teachers, firemen, and police pensions as the reason the state is going broke. They won't look at the politicians who have bankrolled stadiums for the Reinsdorfs and the McCaskeys. The Millenium Park fiasco and the rebuilding of O'hare all things the Illinois taxpayer could have done without. Instead let's blame the public service worker who lived up to their obligations.
Should I lateral out now with only 4 years on? Keep hearing that my pensions not going to be around in 2030.
One question:
How much does Illinois pay out annualy to cover link/wic, welfare and free healthcare to those unwilling to get up and go find a job? Those that would rather smoke dope all day than better themselves? Those who are in this country illegaly?
ANSWER:
Eliminate link/wic and welfare to anyboby not working. Assist w/welfare programs for those willing to get up every morning and work for minimum wage. Most companies administer a random drug test in one form or another to work, yet we don't do it for those getting free money? And finally, eliminate the whole anchor baby problem. You're here illegally(regardless of race, color, sex, religion or national origin so fuck you and your whole you racist defense) then so are the 12 children you have while here. You get ZERO benefits so pack up and go home, bye bye!!
Three ideas and one balanced budget. You'd think it was that simple but for some reason politicians are just too stupid to realize this. Cater to scum so they keep you in office and fuck the hard workers that are actually paying your salary!! Another civil war is coming everybody but this time it's not gonna be north/south it's gonna be that ever shrinking middle class against the you owe me crowd. Load up/stock up and sit back.
Illinois may never downsize it's government. Any income tax increase(s) will only fund the already existing welfare social programs designed by politicians to stay elected by the benefactors. All this OBstimulus $ is going towards construction. Build,build,build.useless buildings & renovations, repaving repaved roads, if times are so tough why are we building parks, museums & funding grants for nonesenntial programs? There are big construction companies drop big coin to Daley & State (hence big cpd bosses with construction co.names- but it just could be a common name, right?) Industry is dead. Gone. It's not coming back. Build a Walmart, 10 of them a year & forget where those flip-flops or lawn chairs were made. But that's business here in Illinois. Build it and they will come..(from Detroit).
Illinois state tax rate is low. Lower than many states in the union. I would support a state tax increase, ONLY if Illinois law makers quit spending and pass a balanced budget from year to year.
But we know they will increase taxes, and keep spending, and things will continue to get worse!
Anonymous said...
June 22, 2010
CHICAGO – Illinois Governor Pat Quinn has confirmed a $6 million capital grant to assist with the completion of a museum dedicated to the nation's television and radio history
7/05/2010 03:23:00 AM
Can't pay the bills to schools and universities or medical bills but he coughs up $6 million for a radio & television museum for Bruce Dumont?
If anyone votes for that idiot Quinn they need their head examined. Blago made that promise of funds and never came up with the dough. I thought that was that, they got fucked along with the rest of us. But someone got to Quinn.
About the last thing we need to spend money on is a radio & TV museum. Not when we are paying heavy juice to the shylocks just to keep the doors of government open.
The damn Las Vegas bookies must be licking their chops to lay off some dough buying Illinois debt and tack on about 50% interest.
For that alone Quinn deserves to be removed from office and raked over the coals. Screw the pensioners but build a BS museum, with OUR MONEY!
CHICAGO – Illinois Governor Pat Quinn has confirmed a $6 million capital grant to assist with the completion of a museum dedicated to the nation's television and radio history
7/05/2010 03:23:00 AM
Wow, that is something that is REALLY NEEDED now. Perhaps he did for some positive publicity from the liberal-loving media.
They have all this stimulus money, give it to the states.....so at least, only the Fed will have such the killer debt.
The MAJORITY of the budget IS WELFARE!...its a FACT...thats why they wont cut anything..the political backlash is what all the politicians fear, the media knows this, but as usual...you cant cut welfare..that would be a sin...GOD HELP THIS STATE!...I REALLY DO FEAR FOR OUR PENSIONS...ONCE AGAIN...OUR PENSIONS WILL FADE AWAY...BUT SOME PEICE OF SHIT GHETTO RAT, WILL CONTINUE TO GET HIS/HER CHECK.
very sad!
Saw a hispanic female buy a $3.59 energy drink at 7-11 tonight with a link card and then get into a $35,000 car. And she smiled and waved. Disgusting.
04:04:00 AM
Anonymous said...
Upon retirement, I would strongly urge every officer to move their family from Illinois to another state. Attempting to pay off that enormous state debt will make your retirement years difficult. Also, your kids will share this burden created by inept politicians. Sure glad I got out. Its a great world outside of Illinois.
7/05/2010 06:10:00 AM
Thank you for that brilliant piece of advice. Now if I could only sell my house without taking a huge loss? Then buying a house on the meager profit I made selling in this shit city. Why do retired members shove it in our face that they moved? You moved now move on and find something to do.
Anonymous said...
Should I lateral out now with only 4 years on? Keep hearing that my pensions not going to be around in 2030.
7/05/2010 01:32:00 PM
Lateral where? Who is hiring? Many laid off officers are looking for jobs. Sometimes you do not realize what you have.
Shortshanks did same thing with Michael Reese Hospital property. City had no money but purchased it for 85 million,now
the city owes 91 million for it and no buyers/developers in site. Spending money they dont have seems to be the way to go in this state.
Thank you for that brilliant piece of advice. Now if I could only sell my house without taking a huge loss? Then buying a house on the meager profit I made selling in this shit city. Why do retired members shove it in our face that they moved? You moved now move on and find something to do.
--------------------------------
You might find yourself in a situation where you take what you can get now, or even else later on.
You are apparently betting on the idea that if you wait long enough things will get a lot better. While it's probably true that things will eventually improve, the time frame may be a lot longer than you think, and it could well get worse before it gets better.
It's crap shoot.
Meanwhile, Quinn's favorites are receiving 20/30% (?) pay increases! :(
Illinois voters bah, they get what they voted for and finacial reponsibility, a strong police force, gun rights, not on the agenda. Until Illinois voters get their act together it won't change.
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