Illinois the Canary in the Coal Mine
Illinois is broke. The state is the most bankrupt state in the union. How bad is it. It is so bad that the Power Ball will no longer allow Illinois to participate in it. Started in 1992, the Power Ball had 44 states participating in it. Now it will have only 43. Illinois has given state lottery winners I.O.U. and been caught using lottery funds to pay state budget deficits for their pensions. Illinois could not provide a satisfactory budget to the Multi State Lottery Association (MUSL) so they have been dropped. This is just the tip of the iceberg. States can not print money out of thin air like the Treasure Department can using the Federal Reserve to do so. This means that States have a much harder time kicking the can down the road. Governments have a record of over promising and over spending.
What is wise, is to be self sufficient. Try not to get yourself in a position where you rely on the government. Government was meant to help you temporarily during a time of crisis or when you were down on your luck. It was never meant to be a permanent safety net. Unfortunately, we have gotten to a place where there are third generations that are born and raised on permanent government subsidies. This will not go well for them when States, like Illinois, go bankrupt. Do not think that just raising taxes will help either. If Illinois were to tax the citizens 100% the State would still be short of money.
Investing and participating in crypto currencies is a valid solution for becoming self sufficient. Being an early adopter is almost like being guaranteed to win the lottery. Proper study and do diligence can help you take a few dollars and turn it into huge gains. Some of the potential gains can be life changing. Yes, the State of Illinois might be broke but you do not have to.
P.S. Illinois should be buying Bitcoin, Etherium, Litecoin and others. If they did, they might actual get out of their financial mess.
Hello, jetblake! I have been watching Illinois for some time now. With the billions owed and major budget deficits, this state just keeps spending money like "there is no tomorrow when the debt is due." We keep hearing about the lottery problems, school problems, etc. It is a remarkable situation that need watching. I enjoyed your article. I added you to my follow list. Thank you!
You are welcome. I am afraid it will be getting very scary soon. I have been planning as best as I can for what might be happening soon. Nice to meet you on Steemit
Wise words Tammy..
Followed
Hello cheeky, thank you for the follow
Just glanced at your postings, will be back to read
Your welcome, and thank you I hope you can get something from them.
Great article amigo....also having real life skills will help, such as growing food, raising live stock or simply hunting.
Its not looking good though.
Thanks again
As a former resident of Illinois I will attest to the fact that it is bad. The taxes and fees for everything is much higher than surrounding states. I jumped the state line because of the taxes and I am not the only one doing so
I had one experience with Illinois business practices by dealing with and Illinois Union several years ago. I was a vendor that was setting up my products and displays in a new Big box retail store. It was the first store in Illinois I had ever set up. I was used to doing all of the work myself with some assistance from the store help to do some lifting I needed help with. When I got there I was told that it was under union contract for the store set up and I was not allowed to personally do any work myself or use any of my own tools. I was assigned 4 union people to do my work for me and I was only to tell them what to do and they were to do it. It was a disaster. Trying to set up complicated displays that don't come with instructions because I was trained to do it myself by only being able to tell someone else how to do it. I wasn't even allowed to "Show them" on the first one. The job took 3 times as long. But the union guys loved it since they just got to stand around on overtime and watch me try to have a fit for 3 days instead of getting done in one day. Ever since then, I'm not shocked by the idiocy of Illinois business practices and the fact that the state is broke........and didn't one of the recent governors go to prison?? just saying.
3 Illinois governors are in prison. Yes the state will not recover. If people do not leave in the next 6 months they will loose almost everything. I left years ago. I saw the hand writing on the wall. Thank you for your story. You hit the nail on the head as to why Illinois is history! P.S. Most people do not know that during the 2008 financial crisis and the bail out that congress permitted, Obama secretly gave the state of Illinois $8 billion dollars under the table. The money was a pay off for getting into the white house. The state used that money up through 2011 to pay their state pensions.