Illinois may be first state to file for bankruptcy

[Mac1958]

That would be a bad fucking precedent.

Not a good idea.
.

 

[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.



.

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 ...

Your Forbes link didn't work I found another one


Don't Be So Sure That States Can't Go Bankrupt


.

 

[task0778]

Thanks for the links, Aris2chat. I suppose federal lawmakers ought to consider the possibility of a state default, both the criteria for eligibility and the possible actions to be taken. IMHO the criteria and the steps taken need to be severe enough to force states to fix their problems on their own.

 

[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 ...

Your Forbes link didn't work I found another one


Don't Be So Sure That States Can't Go Bankrupt


.

worked on my browser, but it you found another........

 

[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.



.

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 ...

Your Forbes link didn't work I found another one


Don't Be So Sure That States Can't Go Bankrupt


.

worked on my browser, but it you found another........

My cheap phone , didn't lead me right to the article.

 

[Dont Taz Me Bro]

Again, we see the end result of leftist economics. For decades, the politicians in Illinois have been whoring themselves out to greedy public employee unions promising overly generous benefits paid for with other people's money that they simply cannot afford, in exchange for their votes. As we've seen in other large cities and states under generations of Democrat rule, the chickens are coming home to roost.

 

[SassyIrishLass]

Illinois knew this was a problem years ago and did little to try and rectify it.

Let'em sink

 

[MindWars]

Again, we see the end result of leftist economics. For decades, the politicians in Illinois have been whoring themselves out to greedy public employee unions promising overly generous benefits paid for with other people's money that they simply cannot afford, in exchange for their votes. As we've seen in other large cities and states under generations of Democrat rule, the chickens are coming home to roost.

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?

It's weird some of you said the link didn't work. Seems to work fine for me.

Oh and AP has this article as well.

News from The Associated Press

 

[bodecea]

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.

^ A trumpette, Ladies and Gentlemen.

 

[Roudy]

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?

Another Liberal run state goes down the toilet. Commies aren't good with accounting and paying bills.