Moody’s credit rating service warned on Wednesday that new tax hikes by Illinois’ Democrat-controlled legislature, which over-rode a Republican governor’s veto, may still leave the state insolvent and subject to its debt being the first in the nation to be downgraded to JUNK.

Illinois, before this bill was passed, was ALREADY the highest taxed State and also worst performer State in the USA.

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Democrats in Ill. are citing that rich white people's pensions are "the problem".

Source?

The best source on this is Richard Lehman, who follows the municipal bond market for Forbes. His best stuff you have to pay for, but he has excerpts which reflect the initial poster's statement.

Illinois is doomed. The politicians cannot fix this problem, so a fix will come about only when the financial disaster is so large that drastic changes in spending and exposure to obligations occur. Think Greece, and Puerto Rico, where misery abounds.

The political angle is not that interesting at this point. Illinois simply has a huge spending problem. Those who want to raise taxes (and raise more taxes) are in a tough spot. Illinois did just this between 2011-2014, presumably to draw down the deficit, but it only increased. And Illinois ranks last in personal income growth since 2008. Forget the theory, in this environment, there is a limit on how much Illinois producers - and there are fewer of these than ever before - can pay.

The statistics are appalling. High property taxes, a $150 Billion (maybe more) pension hole - huge pension holes in Chicago - insane, and I mean as in no one else does it insane - practices of borrowing under general obligation debt to pay operating expenses - the City of Chicago Public Schools incurring 70,000 dollars a day extra because their credit is so poor it requires them to pay outrageous rates - that is a teacher per day, gone up in smoke to excess interest, and on on and on.

Illinois will figure in the 2018 elections. It will be the poster child for the failure of the blue state. Yes, there were people from both parties involved in this mess (and I know far more about it than I relate here), but the 20 plus years of spending 116 cents year after year against 100 cents taken in (10 percent higher than any other state) is a problem largely cause by the Democratic Machine.

Bankruptcy like status with a lot of pain is the only alternative. Congress cannot bail them out because California will get in line for a similar deal five minutes after a bailout is approved with tens of billions in outstanding debt.

Source? Wrote:
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> Source?

Breitbart, all day Breitbart. They have a hot line-up the whole month.

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^^ Breitbart News

R

Fairfax County?

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DAMN!

Who gives a shit?

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Many of the rich people in Illinois have taken their pensions and fled the state.

https://www.thenewamerican.com/economy/sectors/item/21405-trickle-of-companies-leaving-illinois-turning-into-a-flood

http://www.chicagotribune.com/news/local/breaking/ct-illinois-population-decline-met-20161220-story.html

http://www.chicagotribune.com/news/opinion/editorials/ct-illinois-census-brookings-edit-0107-20150106-story.html

http://chicagoist.com/2016/06/08/people_are_leaving_chicago_in_drove.php

http://chicagotonight.wttw.com/2016/03/29/why-second-city-first-population-loss

https://www.illinoispolicy.org/reports/still-leaving-illinois-an-exodus-of-people-and-money/

We ought to give Illinois to Puerto Rico as an extension of their island, and invite those who think they can make a difference by starting businesses for themselves to go there instead of staying on welfare. If they fail, they just get deported back to Puerto Rico and someone else with a dream gets a chance..

ILLINOIS DEMOCRATS GAVE THE SAME BULLSHIT REPORTS VIRGINIA AND FAIRFAX COUNTY GIVE "EVERYTHING IS DOING BETTER" FOR YEARS

THE ONLY REASON YOU HAVE A CLUE THEY ARE LYING IS THEY LOST A COURT CASE WHEN SOMEONE TRIED TO CASH A BOND AND THEY REALLY, REALLY COULD NOT PAY IT

i don't even need to blink to know what pathological liars are up to

little red riding hood

little red riding hood

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brother can you lend a dime

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Everyone clap for the one guy who keeps resurrecting the one thread which convey his own political views in order to satisfy his personal entertainment.
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Never went anywhere dead-man thread.

ex63g

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