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Could IL be the 1st state in the union that goes into bankruptcy?


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2017 Jun 16, 7:42am   11,130 views  77 comments

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http://www.cbsnews.com/news/could-illinois-be-the-first-state-to-file-for-bankruptcy/

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16   zzyzzx   2017 Jun 22, 7:48am  

http://www.chicagotribune.com/news/columnists/kass/ct-dissolving-illinois-kass-met-20170620-column.html

What to do with a broken Illinois: Dissolve the Land of Lincoln

Illinois is like Venezuela now, a fiscally broken state that has lost its will to live, although for the moment, we still have enough toilet paper.

But before we run out of the essentials, let's finally admit that after decade upon decade of taxing and spending and borrowing, Illinois has finally run out of other people's money.

Those "other people" include taxpayers who've abandoned the state. And now Illinois faces doomsday.

So as the politicians meet in Springfield this week for another round of posturing and gesturing and blaming, we need a plan.

And here it is:

Dissolve Illinois. Decommission the state, tear up the charter, whatever the legal mumbo-jumbo, just end the whole dang thing.

We just disappear. With no pain. That's right. You heard me.

The best thing to do is to break Illinois into pieces right now. Just wipe us off the map. Cut us out of America's heartland and let neighboring states carve us up and take the best chunks for themselves.

The group that will scream the loudest is the state's political class, who did this to us, and the big bond creditors, who are whispering talk of bankruptcy and asset forfeiture to save their own skins.

Problem is that I don't see any of the neighboring states wanting Chicago

17   Goran_K   2017 Jun 22, 9:11am  

All they really need to do is dissolve Chicago.

18   joeyjojojunior   2017 Jun 22, 9:26am  

"All they really need to do is dissolve Chicago."

lol--where do you think the tax revenue comes from? Have you ever been to IL south of Kankakee? Every store has a sign with WIC cards accepted on the door.

19   Goran_K   2017 Jun 22, 9:45am  

joeyjojojunior says

lol--where do you think the tax revenue comes from?

Who gives a shit about tax revenue? Chicago is also the center of all the corruption, union gangsters, and bankrupting policies. Chicago is the epicenter for the state's troubles in the first place.

Tax revenue.

20   zzyzzx   2017 Jun 22, 9:47am  

joeyjojojunior says

where do you think the tax revenue comes from?

Where you you think all the waste and corruption is concentrated?

21   joeyjojojunior   2017 Jun 22, 9:51am  

"Who gives a shit about tax revenue? Chicago is also the center of all the corruption, union gangsters, and bankrupting policies. Chicago is the epicenter for the state's troubles in the first place. Tax revenue."

Wow--that post should be nominated.

Here's a quick primer for you on how budgeting works--you have to match spending with... REVENUE!!! So, revenue is really just as important as spending. Cutting revenue has exactly the same effect as increasing spending.

See how that works?

22   joeyjojojunior   2017 Jun 22, 9:52am  

"Where you you think all the waste and corruption is concentrated?"

Where isn't it concentrated? Springfield, Chicago, suburbs, downstate, it's everywhere.

23   zzyzzx   2017 Jun 22, 9:56am  

joeyjojojunior says

Here's a quick primer for you on how budgeting works

But the state of Illinois hasn't had an actual budget in a few years. That's how bad it's gotten!

24   Goran_K   2017 Jun 22, 10:03am  

joeyjojojunior says

Here's a quick primer for you on how budgeting works-

Budget? What budget? Illinois hasn't had one in years.

25   Goran_K   2017 Jun 22, 10:04am  

zzyzzx says

But the state of Illinois hasn't had an actual budget in a few years. That's how bad it's gotten!

LOL, great minds think alike.

I love the irony though. Someone trying to grand stand about how "budgeting works" in a state that hasn't had one in years.

26   joeyjojojunior   2017 Jun 22, 10:07am  

"Budget? What budget? Illinois hasn't had one in years."

So what? That has nothing to do with my lesson for you.

27   joeyjojojunior   2017 Jun 22, 10:08am  

The irony is someone posting on here about a state going bankrupt and thinking revenue doesn't matter.

You can't make this stuff up.

28   Goran_K   2017 Jun 22, 10:09am  

joeyjojojunior says

The irony is someone posting on here about a state going bankrupt and thinking revenue doesn't matter.

You can't make this stuff up.

No one in this thread has made that point.

29   joeyjojojunior   2017 Jun 22, 10:10am  

Goran says

"Who gives a shit about tax revenue?"

30   Goran_K   2017 Jun 22, 10:13am  

joeyjojojunior says

"Who gives a shit about tax revenue?"

Hmm, I seem to remember there was much more attached to that post besides that one statement but maybe it's just me.

31   zzyzzx   2017 Jun 22, 10:15am  

joeyjojojunior says

The irony is someone posting on here about a state going bankrupt and thinking revenue doesn't matter.

It's not that revenue doesn't matter, it's when you are already wildly out taxing your neighbors, raising taxes is probably should not be your first choice, and probably isn't going to work.

32   joeyjojojunior   2017 Jun 22, 10:21am  

"It's not that revenue doesn't matter, it's when you are already wildly out taxing your neighbors, raising taxes is probably should not be your first choice, and probably isn't going to work."

My point has nothing to do with raising taxes. It's that if you somehow dumped Chicago into Lake Michigan, I don't think it would be a net gain for the state.

33   joeyjojojunior   2017 Jun 22, 10:21am  

"Hmm, I seem to remember there was much more attached to that post besides that one statement but maybe it's just me."

There were a few more sentences there, but nothing important. If you have a point to make, why not just make it instead of wasting 10 posts?

34   Goran_K   2017 Jun 22, 10:29am  

zzyzzx says

It's not that revenue doesn't matter, it's when you are already wildly out taxing your neighbors, raising taxes is probably should not be your first choice, and probably isn't going to work.

Not only that, when you constantly elect politicians who don't care about a budget, and use any revenue poorly, more tax revenue does nothing to solve the problem.

35   MMR   2017 Jun 22, 10:30am  

joeyjojojunior says

Have you ever been to IL south of Kankakee? Every store has a sign with WIC cards accepted on the door.

Kankakee is a shithole also

36   Goran_K   2017 Jun 22, 10:31am  

joeyjojojunior says

There were a few more sentences there, but nothing important. If you have a point to make, why not just make it instead of wasting 10 posts?

I'm not sure what else I can do to help you. What aren't you getting?

37   zzyzzx   2017 Jun 22, 10:31am  

ILLINOIS IS BROKE & Democrats Did It $130 BILLION in Unfunded Pension Liabilities Alone Democrats gave their kickbacks to unions that way

38   joeyjojojunior   2017 Jun 22, 10:33am  

"I'm not sure what else I can do to help you"

Well, there's your problem. I clearly don't need your help. You need to help yourself first. When you have an understating of how revenues affect a budget, then you can come back here and try again.

39   zzyzzx   2017 Jun 22, 10:33am  

joeyjojojunior says

It's that if you somehow dumped Chicago into Lake Michigan, I don't think it would be a net gain for the state.

Chicago already has it's own budget problems all by itself, which suggests that it would be a net gain for the state.

40   MMR   2017 Jun 22, 10:33am  

joeyjojojunior says

Wow--that post should be nominated.

I think he is asking what good revenue is if it is going to be siphoned off anyway and taxation is increased to make up for the shortfall caused by said siphoning.

41   joeyjojojunior   2017 Jun 22, 10:34am  

"ILLINOIS IS BROKE & Democrats Did It $130 BILLION in Unfunded Pension Liabilities Alone Democrats gave their kickbacks to unions that way"

Actually both parties are to blame for this mess. IL has had Republican governors more than Dem governors over the last 30 years..

42   Goran_K   2017 Jun 22, 10:37am  

MMR says

I think he is asking what good revenue is if it is going to be siphoned off anyway and taxation is increased to make up for the shortfall caused by said siphoning.

Yeah I thought it was pretty obvious.Let me be more obvious though since I like to help people out.

Villager: "What good is this dam anyway, it has like 50 holes. The water keeps emptying out, and at this moment, it's completely dry and has been for years. We should tear it down and get a new one."

Some random other villager: "Are you kidding? This is how dam's work. They corral the water into one place so we can use it."

Villager: "Uh... ok.."

43   joeyjojojunior   2017 Jun 22, 10:37am  

"I think he is asking what good revenue is if it is going to be siphoned off anyway and taxation is increased to make up for the shortfall caused by said siphoning"

Huh? Revenue is what pays the bills. It's always good.

In IL spending has clearly been independent of revenue for the last 50 years so I'm not sure what you mean.

44   joeyjojojunior   2017 Jun 22, 10:38am  

"Yeah I thought it was pretty obvious.Let me be more obvious though since I like to help people out."

Yes, it's obviously wrong, like I said.

When you do some reading, come on back and we can talk.

45   joeyjojojunior   2017 Jun 22, 10:39am  

"Yeah I thought it was pretty obvious.Let me be more obvious though since I like to help people out.

Villager: "What good is this dam anyway, it has like 50 holes. The water keeps emptying out, and at this moment, it's completely dry and has been for years. We should tear it down and get a new one."

Some random other villager: "Are you kidding? This is how dam's work. They corral the water into one place so we can use it."

And Goran's answer is that he doesn't need water at all.

46   Goran_K   2017 Jun 22, 10:40am  

joeyjojojunior says

Yes, it's obviously wrong, like I said.

No it's not.

Illinois not having a budget and having a pension crisis is simply a symptom of the main problem which is Chicago is full of special interest groups and politicians (primarily Democrat) who are bankrupting the state.

47   Goran_K   2017 Jun 22, 10:41am  

joeyjojojunior says

And Goran's answer is that he doesn't need water at all.

No, Goran says we need a new dam so the water isn't always draining away. In fact I literally said it in the post you quoted.

48   joeyjojojunior   2017 Jun 22, 10:42am  

"No it's not. Illinois not having a budget and having a pension crisis is simply a symptom of the main problem which is Chicago is full of special interest groups and politicians (primarily Democrat) who are bankrupting the state."

Of course it is. This is a much different statement than you made earlier and one that, at least, can potentially be supported. Too bad you couldn't have simply stated it about 20 posts ago.

I still disagree but it's not hopelessly idiotic like your statement "who cares about revenue"

49   joeyjojojunior   2017 Jun 22, 10:43am  

"No, Goran says we need a new dam so the water isn't always draining away. In fact I literally said it in the post you quoted. "

Nope, per your analogy, you saying "who cares about revenue" would be saying--"who cares about water".

50   Goran_K   2017 Jun 22, 10:44am  

joeyjojojunior says

Nope, per your analogy, you saying "who cares about revenue" would be saying--"who cares about water".

Yes, when the dam is broken and the reservoir is dry.

51   Goran_K   2017 Jun 22, 10:48am  

joeyjojojunior says

I still disagree

You disagree that Democrats have totally wrecked and destroyed the fiscal health of Illinois? The party that has owned the Illionis State Assembly and Senate for the past 15 years?

Why?

52   joeyjojojunior   2017 Jun 22, 10:49am  

"Yes, when the dam is broken and the reservoir is dry."

I'm sure you'll feel the same way when you die of thirst.

Me-I'll be happy that we keep refreshing the reservoir even if the dam is leaky.

53   joeyjojojunior   2017 Jun 22, 10:51am  

"You disagree that Democrats have totally wrecked and destroyed the fiscal health of Illinois? The party that has owned the Illionis State Assembly and Senate for the past 15 years? Why?"

First off--this problem started much earlier than 15 years ago. Second---like I said, Republicans were in the Governor's Mansion for a lot of that time and fixed nothing. How's Rauner doing?

54   Goran_K   2017 Jun 22, 10:53am  

joeyjojojunior says

First off--this problem started much earlier than 15 years ago. Second---like I said, Republicans were in the Governor's Mansion for a lot of that time and fixed nothing.

Governor can't do much if the assembly and senate are controlled by opposition parties.

Regardless you claim things started going down hill more than 15 years ago. What happened?

55   anonymous   2017 Jun 22, 11:53am  

IHL is bankrupt! Losers!

Thanks a lot, Liberals!

This bodes well for Republicans, all we need to do is pray and have faith in the Lord, and the Republicans will fix this mess. Get all the faggots out of here, they are ruining the country!

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