Illinois just went from "bad to catastrophic" -- no budget -- court rulings and service cuts
Many of you may think that Chicago "the Windy City" got's it name from the heavy winds off of Lake Michigan. Actually, this name came about many decades ago, back in the days of Mayor Richard Daley and other Democrats. The city got it's name because of the "hot air the politicians would blow".
Now the "hot air" has caught up to Chicago and the State of Illinois as no budget agreement was reached Friday night. To make matters worse a Judge ruled that increased Medicaid payments of $500 million/month need to be paid now. This is the same entity they already owe $15B.
This is catastrophic because there are no short cuts to solvency.
- Bond ratings will take a big hit making debt payments even HIGHER
- teachers, municipal workers and general services can all be affected.
Some of you may not know that Obama's right hand man Rahm Emmanuel has been Mayor of Chicago for years --- and you know the great job he has done and loves a "good crisis". The years of Democratic rule in Chicago -- which affects the entire state has come home to roost -- and now we see they cannot exercise financial discipline for decades. Republican Govenor means nothing when the Assembly is all Dems.
Solution -- fire them , simply fire the incompetent crooks running the governments -- start over.
Who gets hurt again -- the people -- taxes will be raised --promises will be broken again--- rinse and repeat.
When will people wake up with these people. Take back your power.
Source:
http://www.zerohedge.com/news/2017-07-01/horrific-catastrophic-court-ruling-send-illinois-financial-abyss
https://www.bloomberg.com/news/articles/2017-07-01/illinois-blows-budget-deadline-pushing-it-closer-to-junk-rating
I have written many articles regarding Illinois. We saw this developing quickly 20 years ago. Illinois was in trouble back then. They were short $600,000,000.00 a year back then. The press never covered it. The public workers learned in the 1980's how to milk the system. An example would be the teachers union. They would work extra hours, coach etc to boost their last two years of pay and retire with that matching artificially high income. Do that State wide for 30 years and the financial system is bleed to death. The corrupt criminal State government, county government and public employees are all to blame. Left the State a long time ago saw the hand writing on the wall. The State will not recover. Shear grand Larson
No accountability...again. Nice post
I say fire them and don't start over. Clearly politics is not going to work there (or possibly anywhere).
Maybe its time to start something new - maybe something voluntary. We have the technology.
This is what neiva needs to talk about...never will
That is probably true. Who is neiva?
Lol...i meant to type news....omg...sorry my friend.
lol. Yup. Those folks have no clue, sadly. That's why we need a new media.
True...the media for a moment kept the politicians honest or tried. Power put a stop to it....they wanted no more truth or questioning of our leaders becuase people would see they are being had.
yep so it looks like things are looking up then mate aye ....gezzz.....
It ver bad I am afraid...cheers
i know bloody sad.....
meep
Democrat or Republican, will it be a different scenario if the newly elected person have nothing to show the people of his/credibility?Promises are made left and right, either way if there's nothing to base it from...people will just be voting and hoping that these promises will be delivered.
In contrast with President Duterte, as a long-term mayor, his Davao City progressed and became safer. Filipinos all over the country then saw that and want the same thing...hence 21M votes.
I don't know exactly how this will be resolved for Illinois, but voting either party will not be resolved if it will just be a çycle till the people revolt wanting changed. Who will lead to deliver change? A united masses is powerful.
This is where change comes from. It seems people learn from pain....they will then choose another path...sad to say.
Pain is good..but if there's no other choice, what is left?? Options??
Sometimes a leader is needed to unify the masses. Illinois sounds hopeless...
what's your take to solve it?
Your question is not easy. Short term you can only raise revenue by raising taxes or the State issuing new debt (bonds) which now would carry a high interest rate since they would be "junk bonds". It's a downward spiral now, the market cannot bail them out. If you raise taxes more people and businesses leave. If you lower expenses that only goes so far -- but they will do that which means less jobs and maybe pension cuts. It's not easy...we will watch.
that bad..can Trump do something??
It's a situation that needs to be remedied at the state level ...and two other states have major problem right now and might beat Illinois to bankruptcy -- Maine and Connecticut. I don't think a state has filed bankruptcy -- but really I don't know of another short term solution --- they will kick the can down the road is my guess
Connecticut??? I thought people there are loaded.
Lol...they are ...but Democrats can run a train off any track....:-)