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Could Illinois be the first state to file for bankruptcy?

Erod

Erod

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Could Illinois be the first state to file for bankruptcy? - CBS News

Illinois residents may feel some solidarity with the likes of Puerto Rico and Detroit.

A financial crunch is spiraling into a serious problem for Illinois lawmakers, prompting some observers to wonder if the state might make history by becoming the first to go bankrupt. At the moment, it's impossible for a state to file for bankruptcy protection, which is only afforded to counties and municipalities like Detroit.

Chapter 9 bankruptcy protection could be extended to states if Congress took up the issue, although Stanford Law School professor Michael McConnell noted in an article last year that he believed the precedents are iffy for extending the option to states. Nevertheless, Illinois is in a serious financial pickle, which is why radical options such as bankruptcy are being floated as potential solutions.
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This is what happens to liberal states that like to play socialism.
 
Erod said:
Could Illinois be the first state to file for bankruptcy? - CBS News



This is what happens to liberal states that like to play socialism.
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Socialism!!?? Hahahahaha

No, this is what happens with crony government. When everyone's brother has to get paid off in order for IDOT to put in more potholes.

Socialism....that's rich, there's no socialism in Illinois. Just a bunch of former gangsters turned politician stealing as much as they can and using a heavy hand to stay in power.
 
Ikari said:
Socialism!!?? Hahahahaha

No, this is what happens with crony government. When everyone's brother has to get paid off in order for IDOT to put in more potholes.

Socialism....that's rich, there's no socialism in Illinois. Just a bunch of former gangsters turned politician stealing as much as they can and using a heavy hand to stay in power.
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Wouldn't socialism emphasize spending more money?
 
blackjack50 said:
This is what happens you allow every division and department of your government to spend 100% of their budget so they can request more money next year. And then you hurt your major taxpayers who then flee to better states.
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Yep.

"The problem with socialism is that you eventually run out of other people's money." - Margaret Thatcher
 
Erod said:
Could Illinois be the first state to file for bankruptcy? - CBS News



This is what happens to liberal states that like to play socialism.
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I sort of agree here. These guys made so many deals with their special union buddies to pay out pensions at ungodly rates - now there is no money to pay them. They will default on pensions, and there will be some cascading investment losses across the USA on people who invested on the derivative products.

But hey, its a microcosm. If Trump has his way and kicks medicaid to the states, the rest of us will be next. And medicaid only buys Trump a couple more years before the Federal gov't goes insolvent too.
That's not politics btw, that is simple math.
 
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