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Thread: Illinois Has Days to Plug $13 Billion Deficit That Took Years to Produce

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    Illinois Has Days to Plug $13 Billion Deficit That Took Years to Produce

    Illinois lawmakers will try this week to accomplish in a few days what they have been unable to do in the past two years -- resolve the state’s worst financial crisis.

    The legislative session that began today as the House convened will take aim at a budget deficit of at least $13 billion, including a backlog of more than $6 billion in unpaid bills and almost $4 billion in missed payments to underfunded state pensions.

    The fiscal mess is largely of the lawmakers’ own making, and failure to address the shortages threatens public schools, local governments and other public services, said Dan Hynes, the state’s outgoing comptroller.

    “We’ve reached a very critical and concerning point,” Hynes said in an interview in his Chicago office, with packing boxes stacked in the corner. “What’s missing right now is a general understanding by the public of where we are, of how bad it is, and what the fallout would be if we don’t deal with it properly.”

    What the public may not appreciate, Wall Street does. Illinois shares with California the lowest U.S. state credit rating from Moody’s Investors Service, which in September forecast possible “further financial deterioration.” Unlike California, Moody’s assigned Illinois a negative outlook.
    Illinois Has Days to Plug $13 Billion Deficit That Took Years to Produce - Bloomberg

    I always thought it would be Cali that went insolvent first, it appear that Ill. will be the first. This is not a good thing.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Illinois Has Days to Plug $13 Billion Deficit That Took Years to Produce

    I wonder if maybe we should consider a federal equivalent of the IMF. A federal entity that can at least partially bail out insolvent states, but impose harsh austerity conditions as a precondition.
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    Re: Illinois Has Days to Plug $13 Billion Deficit That Took Years to Produce

    the next shoe to fall, not hard to foretell:

    states hopelessly underwater will soon appeal to dc for help

    boehner will characteristically say no

    illinois, california, new york, nevada, ohio and others will be on their own...

    now, you are probably looking at these almost inevitable events for their economic impact, only natural

    but if you stop to look at the POLITICS of these donnybrooks---

    once again, as always, progressives will find themselves on the EXTREME wrong side of the american electorate on yet another CENTRAL issue

    heck, even EUROPEANS are going AUSTERE

    party on, prog's, persevere with those pecksniffian prescriptions

    seeya at the polls

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    Re: Illinois Has Days to Plug $13 Billion Deficit That Took Years to Produce

    Quote Originally Posted by Kandahar View Post
    I wonder if maybe we should consider a federal equivalent of the IMF. A federal entity that can at least partially bail out insolvent states, but impose harsh austerity conditions as a precondition.
    Dear lord no. Let teh states fail. Bail one out, and it's over. Every state in trouble will "fail" in hopes of being bailed out. Let them fail, and then actually FIX the problem.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Illinois Has Days to Plug $13 Billion Deficit That Took Years to Produce

    The new Republican House leadership, whose party benefited in November from public antipathy toward the bailout of banks, is moving to avoid a federal bailout of state and local pension funds.

    Congress has little authority over, or responsibility for, state and local public-employee pensions. But with pension liabilities increasingly stressing state and municipal finances, the prospect that the problem will end up in Washington's lap has some academics and politicians urging that the federal government move preemptively.

    The latest wrinkle: A bill introduced last week by three prominent House Republicans to deny states and localities the ability to sell tax-exempt bonds—the lifeblood for many governments—unless they report their pension-fund liabilities to the Treasury Department. The federal tax-free status of interest on municipal bonds helps generate demand for the bonds and lowers government borrowing costs.

    The goal, the congressmen say, is to get a better handle on funding woes of public pensions, which they say are not always forthcoming about the true extent of their financial exposure.
    Pension Woes Prompt GOP Move - WSJ.com

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    Re: Illinois Has Days to Plug $13 Billion Deficit That Took Years to Produce

    Quote Originally Posted by MrVicchio View Post
    Illinois Has Days to Plug $13 Billion Deficit That Took Years to Produce - Bloomberg

    I always thought it would be Cali that went insolvent first, it appear that Ill. will be the first. This is not a good thing.
    If we're depending on Illinois politicians to solve this problem, we'd better start whistling Dixie. These gutless politicians are the very jakes that got us into this mess. Puke.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Illinois Has Days to Plug $13 Billion Deficit That Took Years to Produce

    I know I keep saying it, but we all better prepare for this folks. I'm lucky, I'm well off, but most of us aren't. The main things to do are stop buying crap, pay down your own debt, and store non-perishable foods in your basement. If you buy anything, buy practical items that can be bartered for.


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    “When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.” - P. J. O’Rourke
    “Socialism is great until you run out of someone elses money” Margaret Thatcher

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    Re: Illinois Has Days to Plug $13 Billion Deficit That Took Years to Produce

    Two words:

    Bake sale.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Illinois Has Days to Plug $13 Billion Deficit That Took Years to Produce

    Quote Originally Posted by Deuce View Post
    Two words:

    Bake sale.
    I was thinking car wash.

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    Re: Illinois Has Days to Plug $13 Billion Deficit That Took Years to Produce

    buy VALUE

    paper is becoming worthless

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