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Spendthrift Illinois Races Toward DefaultBy trying to tax its way out of fiscal disaster, the state makes matters worse. There’s a simple solution.By Orphe DivounguyMarch 6, 2020 6:54 pm ETFor 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
Illinois Shows How Destructive High Taxes AreDaniel J. Mitchell Posted: Mar 09, 2020 10:31 AMLast 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
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.
