State Chapters > Illinois

Spendthrift Illinois Races Toward Default

(1/1)

TomSea:
A good article on Illinois' status, WSJ has a paywall but Townhall amply quoted that article:


--- Quote ---Spendthrift Illinois Races Toward Default
By trying to tax its way out of fiscal disaster, the state makes matters worse. There’s a simple solution.
By Orphe Divounguy
March 6, 2020 6:54 pm ET

For 13 years, Puerto Rico has been in a man-made recession aggravated by natural disasters. In 2017 the island territory asked a federal court for bankruptcy protection, but it’s still grappling with $70 billion in debt. Puerto Rico’s fiscal fiasco offers a glimpse of what the future could hold for Illinois if it doesn’t deal with its own self-imposed economic disaster.

Read more at: https://www.wsj.com/articles/the-puerto-rico-of-the-great-lakes-11583534149?mod=opinion_lead_pos6

--- End quote ---


--- Quote ---
Illinois Shows How Destructive High Taxes Are
Daniel J. Mitchell     Posted: Mar 09, 2020 10:31 AM

Last year, I said the nation’s most important referendum was the proposal to emasculate Colorado’s Taxpayer Bill of Rights (I was delighted when voters said no to the pro-spending lobbies and preserved TABOR).

This year’s most important referendum is taking place in November in Illinois, where pro-spending lobbies are very anxious to repeal the state’s flat tax.

If they succeed, the steady flow of taxpayers out of Illinois will become a torrent.

Read more at: https://finance.townhall.com/columnists/danieljmitchell/2020/03/09/illinois-shows-how-destructive-high-taxes-are-n2564104
--- End quote ---

PeteS in CA:
Several states are financial ticking time-bombs. IMO, CA's collapse has been delayed by tech doing well and by unions betraying their members by tolerating CA's years or decades of under-funding pension funds.

DB:

--- Quote from: PeteS in CA on March 09, 2020, 06:47:04 pm ---Several states are financial ticking time-bombs. IMO, CA's collapse has been delayed by tech doing well and by unions betraying their members by tolerating CA's years or decades of under-funding pension funds.

--- End quote ---

CA went insolvent many years ago when they started issuing IOUs instead of paying their bills. Lots of smoke and mirrors...

Navigation

[0] Message Index