Illinois may be first state to file for bankruptcy

[MindWars]

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.

DEVELOPING: Illinois may be first state to file for bankruptcy
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Well here comes our first hit into the death spiral and as they bring in more and more immigrants expect this Nation to fall even faster.

Keyword here is " may" they might get bailed out .

and for the lazy asses who can't click links they got it from here CBS

Could Illinois be the first state to file for bankruptcy?

 

[dannyboys]

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.

DEVELOPING: Illinois may be first state to file for bankruptcy
-----------------------------------------------------------------------------------------------

Well here comes our first hit into the death spiral and as they bring in more and more immigrants expect this Nation to fall even faster.

Keyword here is " may" they might get bailed out .

and for the lazy asses who can't click links they got it from here CBS

View attachment 133481

Could Illinois be the first state to file for bankruptcy?

All the negroes who are filling up the morges each night have got to be costing Ramme a ton of money.
Dump them into the lake.

 

[Penelope]

No due the crook on the Apprentice program who use to be mayor and now in the clink for fraud and pay for play. Also due to recession of 08. DT thinks he got a heavy sentence, maybe he will pardon him.

 

[Wry Catcher]

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.

DEVELOPING: Illinois may be first state to file for bankruptcy
-----------------------------------------------------------------------------------------------

Well here comes our first hit into the death spiral and as they bring in more and more immigrants expect this Nation to fall even faster.

Keyword here is " may" they might get bailed out .

and for the lazy asses who can't click links they got it from here CBS

View attachment 133481

Could Illinois be the first state to file for bankruptcy?

More immigrants will create bankruptcy? Is that what drove Trump's businesses into bankruptcy?

Why are Apple, Google and other high tech firms opposing Trump's attack on immigrants? Does their higher up hope to follow in Trump's footsteps?

 

[fncceo]

Couldn't happen to a nicer state.

 

[Wry Catcher]

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.

DEVELOPING: Illinois may be first state to file for bankruptcy
-----------------------------------------------------------------------------------------------

Well here comes our first hit into the death spiral and as they bring in more and more immigrants expect this Nation to fall even faster.

Keyword here is " may" they might get bailed out .

and for the lazy asses who can't click links they got it from here CBS

View attachment 133481

Could Illinois be the first state to file for bankruptcy?

All the negroes who are filling up the morges each night have got to be costing Ramme a ton of money.
Dump them into the lake.

Are you a liberal Democrat? The current meme is liberals and Democrats are racists, conservatives and Republicans are not.

 

[MindWars]

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.

DEVELOPING: Illinois may be first state to file for bankruptcy
-----------------------------------------------------------------------------------------------

Well here comes our first hit into the death spiral and as they bring in more and more immigrants expect this Nation to fall even faster.

Keyword here is " may" they might get bailed out .

and for the lazy asses who can't click links they got it from here CBS

View attachment 133481

Could Illinois be the first state to file for bankruptcy?

More immigrants will create bankruptcy? Is that what drove Trump's businesses into bankruptcy?

Why are Apple, Google and other high tech firms opposing Trump's attack on immigrants? Does their higher up hope to follow in Trump's footsteps?

You can't argue what you don't understand.

 

[MindWars]

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.

DEVELOPING: Illinois may be first state to file for bankruptcy
-----------------------------------------------------------------------------------------------

Well here comes our first hit into the death spiral and as they bring in more and more immigrants expect this Nation to fall even faster.

Keyword here is " may" they might get bailed out .

and for the lazy asses who can't click links they got it from here CBS

View attachment 133481

Could Illinois be the first state to file for bankruptcy?

More immigrants will create bankruptcy? Is that what drove Trump's businesses into bankruptcy?

Why are Apple, Google and other high tech firms opposing Trump's attack on immigrants? Does their higher up hope to follow in Trump's footsteps?

You don't understand the inner workings of economic politics very well do you?

 

[MindWars]

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.

DEVELOPING: Illinois may be first state to file for bankruptcy
-----------------------------------------------------------------------------------------------

Well here comes our first hit into the death spiral and as they bring in more and more immigrants expect this Nation to fall even faster.

Keyword here is " may" they might get bailed out .

and for the lazy asses who can't click links they got it from here CBS

View attachment 133481

Could Illinois be the first state to file for bankruptcy?

Unable To Pay Bills, Illinois Sends “Dear Contractor” Letter Telling Firms To Halt Road Work On July 1

 

[Wry Catcher]

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.

DEVELOPING: Illinois may be first state to file for bankruptcy
-----------------------------------------------------------------------------------------------

Well here comes our first hit into the death spiral and as they bring in more and more immigrants expect this Nation to fall even faster.

Keyword here is " may" they might get bailed out .

and for the lazy asses who can't click links they got it from here CBS

View attachment 133481

Could Illinois be the first state to file for bankruptcy?

More immigrants will create bankruptcy? Is that what drove Trump's businesses into bankruptcy?

Why are Apple, Google and other high tech firms opposing Trump's attack on immigrants? Does their higher up hope to follow in Trump's footsteps?

You can't argue what you don't understand.

Why do you try?

 

[task0778]

Illinois is not the only state with financial problems. According to a Sep 2016 report obtained from the website below, 40 of the 50 states do not have enough money to pay their bills. So, they resort to accounting gimmcks and tricks to hide or under report the true situation. The report says

"Across the board, state governments have racked up a total of $2.4 trillion in debt, but only have $1 trillion to pay this debt, according to our latest findings."

Check out the bottom 5 states in terms of state debt per capita:

Let's not descend into another diatribe into red vs blue. the point is that our states are in big trouble and there is no mechanism for them to declare bankruptcy. It isn't that easy or simple; states are supposed to be sovereign entities in that the federal gov't is not entitled to dictate to the states what they have to do to fix their problems. But a state bankruptcy law could entitle a federal judge to do exactly that. And it could be that just the threat of a bankruptcy could be a useful tool by a governor to get the different sides in the debate to make some compromises. But as the chart above shows, the problem is already large and it ain't going to go away.

State Budget Solutions

 

[MindWars]

Illinois is not the only state with financial problems. According to a Sep 2016 report obtained from the website below, 40 of the 50 states do not have enough money to pay their bills. So, they resort to accounting gimmcks and tricks to hide or under report the true situation. The report says

"Across the board, state governments have racked up a total of $2.4 trillion in debt, but only have $1 trillion to pay this debt, according to our latest findings."

Check out the bottom 5 states in terms of state debt per capita:

View attachment 133534


Let's not descend into another diatribe into red vs blue. the point is that our states are in big trouble and there is no mechanism for them to declare bankruptcy. It isn't that easy or simple; states are supposed to be sovereign entities in that the federal gov't is not entitled to dictate to the states what they have to do to fix their problems. But a state bankruptcy law could entitle a federal judge to do exactly that. And it could be that just the threat of a bankruptcy could be a useful tool by a governor to get the different sides in the debate to make some compromises. But as the chart above shows, the problem is already large and it ain't going to go away.

And it's going to get worse esp. for the states who are sanctuary cities.

 

[iamwhatiseem]

Illinois is a perfect example of liberal based "social programs" handed out gleefully because it makes them feel good with never a SINGLE thought to whether it is a good idea or not. And EVERYONE who dared speak up against their lunatic golden parachute public pension plans were immediately made out to be pariahs...obviously right wing nutters.

Illinois will most likely become all of our problem. As the federal government could possibly bail them out...and when that happens...other liberal states way behind their equally lofty pension cliff hangers will line up.

Edit...yes I know pensions are not technically social programs, but they are if it takes collective public tax dollars to fund it.

 

[MindWars]

The following are 18 facts which prove that illegal immigration is an absolute nightmare for the U.S. economy….

#1 Illegal immigrants take jobs away from American citizens. According to a review of U.S. Bureau of Labor Statistics and Census Bureau data, legal and illegal immigrants gained over a million additional jobs between 2008 and 2010 even as millions of American citizens were losing their jobs during that same time period.

#2 The majority of our immigrants now sneak in through the “back door” that the federal government purposely leaves open. Thanks to the negligence of the federal government, far more people move into the United States illegally than come in through the legal immigration process. This has got to change.

#3 Illegal immigrants generally don’t pay taxes. The vast majority of illegal aliens would never even dream of paying income taxes, but Mexicans living in America send billions upon billions of dollars out of the United States and back to Mexico every single year.

#4 Although illegal aliens pay next to nothing in taxes, they have no problem receiving tens of billions of dollars worth of free education benefits, free health care benefits, free housing assistance and free food stamp benefits. Many communities in the United States now openly advertise that they will help illegal aliens with these things.

#5 The cost of educating the children of illegal immigrants is staggering. It is estimated that U.S. taxpayers spend $12,000,000,000 a year on primary and secondary school education for the children of illegal immigrants.

#6 Thanks to illegal immigration, California’s overstretched health care system is on the verge of collapse. Dozens of California hospitals and emergency rooms have shut down over the last decade because they could not afford to stay open after being endlessly swamped by illegal immigrants who were simply not able to pay for the services that they were receiving. As a result, the remainder of the health care system in the state of California is now beyond overloaded. This had led to brutally long waits, diverted ambulances and even unnecessary patient deaths. Sadly, the state of California now ranks dead last out of all 50 states in the number of emergency rooms per million people.

#7 It was estimated that there were approximately 7.7 million illegal aliensemployed by U.S. employers during 2008. How much better would our economy look if all of those jobs were being filled by American workers?

#8 The region along the U.S./Mexico border is now an open war zone. Just across the U.S. border, the city of Juarez, Mexico is considered to be one of the most dangerous cities on the entire planet because of the brutal drug war being waged there. In fact, Juarez has now become the murder capital of the western hemisphere. Much of that violence has begun to spill over into areas of the southwestern United States.

For example, a while back NPR described one incident in the Juarez Valley that involved American citizens….

A couple of weeks ago, gunmen in the Juarez Valley killed the Mexican relative of a Fort Hancock high school student. When the student’s family in Fort Hancock heard about it, they crossed the border at 10 a.m. to see the body, and took the student with them.

 

[aris2chat]

Not surprised. They don't have money and should not be covered for "sanctuary" expense.
They will need to cut budget to a shoe string and focus on safety from gun crime as a priority in inner city. Fed money should be cut to only necessity.
Medical and social services will need to be reorganized.
City and state employees that don't cut costs enough should be fired. Most city and state authorities, other than emergency and police, should be made to take pay cuts till they are solvent again.

I expect others will follow suit in the next few years unless states get cost under control and reorganize.

Absolutely no pork, fed or state should be approved. All questionable funding should be put on hold or cancelled.

State will have to live on "social service" level income till they fix the state debt.

Obviously Dem. spending and policies are to blame for much of the problem. Crime, illegals, broken health care and loss of jobs are top causes.

 

[task0778]

JMO, a few thoughts about state level bankruptcy. States are considered to be sovereign entities in that the federal gov't isn't supposed to dictate their policies. While states do not have their own currencies, they do have the power to control their own taxes and revenue and also their own spending. And I would say that if it is their own state constitutions that bind them by law to pay for this and that, then the people should have the ability to change their constitution to do what is necessary to right their fiscal ship, whatever that might be. Otherwise, each state has to deal with the consequences of their decisions; I'm not sure it ought to be a federal problem.

 

[MindWars]

JMO, a few thoughts about state level bankruptcy. States are considered to be sovereign entities in that the federal gov't isn't supposed to dictate their policies. While states do not have their own currencies, they do have the power to control their own taxes and revenue and also their own spending. And I would say that if it is their own state constitutions that bind them by law to pay for this and that, then the people should have the ability to change their constitution to do what is necessary to right their fiscal ship, whatever that might be. Otherwise, each state has to deal with the consequences of their decisions; I'm not sure it ought to be a federal problem.

The problem is those states end up tied into the Federal Gov. on some level such as funding, or grants etc.

Example Sanctuary cities many state were going to be funded for this Obama said so, but if that funding gets cut it puts a real stopper on said state.

 

[aris2chat]

JMO, a few thoughts about state level bankruptcy. States are considered to be sovereign entities in that the federal gov't isn't supposed to dictate their policies. While states do not have their own currencies, they do have the power to control their own taxes and revenue and also their own spending. And I would say that if it is their own state constitutions that bind them by law to pay for this and that, then the people should have the ability to change their constitution to do what is necessary to right their fiscal ship, whatever that might be. Otherwise, each state has to deal with the consequences of their decisions; I'm not sure it ought to be a federal problem.

No, but like banks, energy, transportation or healthcare, feds will need to bail them out for a time. They cannot be allowed to fail completely

It will be like chapter 13 restructuring of businesses.

Failed healthcare is mostly state financed and structures, with only about 5% being supplemented with federal dollars. Most social services also are state based.

A few cities and even counties have declared bankruptcy in the past. It takes time but it is not unsolvable.

 

[Wyatt earp]

JMO, a few thoughts about state level bankruptcy. States are considered to be sovereign entities in that the federal gov't isn't supposed to dictate their policies. While states do not have their own currencies, they do have the power to control their own taxes and revenue and also their own spending. And I would say that if it is their own state constitutions that bind them by law to pay for this and that, then the people should have the ability to change their constitution to do what is necessary to right their fiscal ship, whatever that might be. Otherwise, each state has to deal with the consequences of their decisions; I'm not sure it ought to be a federal problem.

No, but like banks, energy, transportation or healthcare, feds will need to bail them out for a time. They cannot be allowed to fail completely

It will be like chapter 13 restructuring of businesses.

Failed healthcare is mostly state financed and structures, with only about 5% being supplemented with federal dollars. Most social services also are state based.

A few cities and even counties have declared bankruptcy in the past. It takes time but it is not unsolvable.

It's illegal for States to declare bankruptcy, Illinois would of done it years ago.



.

 

[aris2chat]

JMO, a few thoughts about state level bankruptcy. States are considered to be sovereign entities in that the federal gov't isn't supposed to dictate their policies. While states do not have their own currencies, they do have the power to control their own taxes and revenue and also their own spending. And I would say that if it is their own state constitutions that bind them by law to pay for this and that, then the people should have the ability to change their constitution to do what is necessary to right their fiscal ship, whatever that might be. Otherwise, each state has to deal with the consequences of their decisions; I'm not sure it ought to be a federal problem.

No, but like banks, energy, transportation or healthcare, feds will need to bail them out for a time. They cannot be allowed to fail completely

It will be like chapter 13 restructuring of businesses.

Failed healthcare is mostly state financed and structures, with only about 5% being supplemented with federal dollars. Most social services also are state based.

A few cities and even counties have declared bankruptcy in the past. It takes time but it is not unsolvable.

It's illegal for States to declare bankruptcy, Illinois would of done it years ago.



.

The Case for Allowing U.S. States to Declare Bankruptcy - Bloomberg
https://www.bloomberg.com/.../the-case-for-allowing-u-s-states-to-declare-bankruptcy
Jan 21, 2016 - States, unlike cities and counties, currently can't declare bankruptcy. The case for allowing it is that a well-run proceeding apportions losses ...
3 Questions on State Bankruptcy - The Council of State Governments
www.csg.org/pubs/capitolideas/enews/issue65_3.aspx
That conversation has prompted state officials to react, most arguing that the mere existence of a federal law allowing states to declare bankruptcywould ...
Don't Be So Sure That States Can't Go Bankrupt - Forbes
www.forbes.com/sites/johnmauldin/.../dont-be-so-sure-that-states-cant-go-bankrupt/
Jul 28, 2016 - If the law should change and a state actually tried to file forbankruptcy, creditors would immediately file constitutional objections under the ...