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Posted On: 01/08/2019 12:09:08 AM
Post# of 65629
“America’s Most Messed up State”
The political and economic dysfunction in Illinois is well-chronicled.
In 2017, as Illinois appeared poised to become the first US state with a “junk” credit rating, CNN ran an article explaining how Illinois became “America’s most messed-up state.”
That Illinois is on the verge of economic disaster is hardly a secret.
“We’re not Greece or Puerto Rico yet,” Adam Schuster, an economist with the Illinois Policy Institute, told The Weekly Standard in October. “We’re not functionally insolvent. But we’re right on the doorstep.”
But it’s not just the state government that’s a total mess. As City Journal recently reported, Chicago finds itself facing an incredible $28 billion pension gap, not to mention another $9 billion in outstanding debt owed to general-obligation bondholders.
The city’s plan? Borrow another $10 billion through a bond offering (despite the fact the city’s bonds are already rated as “junk.”)
https://drrichswier.com/2019/01/07/cash-despe...ap-dances/
The political and economic dysfunction in Illinois is well-chronicled.
In 2017, as Illinois appeared poised to become the first US state with a “junk” credit rating, CNN ran an article explaining how Illinois became “America’s most messed-up state.”
That Illinois is on the verge of economic disaster is hardly a secret.
“We’re not Greece or Puerto Rico yet,” Adam Schuster, an economist with the Illinois Policy Institute, told The Weekly Standard in October. “We’re not functionally insolvent. But we’re right on the doorstep.”
But it’s not just the state government that’s a total mess. As City Journal recently reported, Chicago finds itself facing an incredible $28 billion pension gap, not to mention another $9 billion in outstanding debt owed to general-obligation bondholders.
The city’s plan? Borrow another $10 billion through a bond offering (despite the fact the city’s bonds are already rated as “junk.”)
https://drrichswier.com/2019/01/07/cash-despe...ap-dances/
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