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State of Illinois About to Declare Bankruptcy
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2017-07-03 at 10:57 PM UTCThe state of Illinois is about to declare bankruptcy. Only 25 billion left in the coffers, and hundreds of billions in liabilities. Government has ordered all road construction be suspended indefinitely. All government payouts will be reduced by about 66%. Government shutdowns across the board imminent. Word is that more states will soon follow.The following users say it would be alright if the author of this post didn't die in a fire!
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2017-07-03 at 11:03 PM UTCOhio must be safe if my dog shit piss tier county can afford to pave a state route in the middle of no where. Is anyone here from Ill?
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2017-07-03 at 11:07 PM UTCSupposedly, California and New Jersey are soon to follow.
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2017-07-03 at 11:47 PM UTC
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2017-07-04 at 12:45 AM UTCwhat are the implications?
i dont know shiet about that bziness
they could sell chicago to a foreign country !!! -
2017-07-04 at 1:03 AM UTC
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2017-07-04 at 1:05 AM UTCIf you were a hillbilly, it would be Al-In-Noy.
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2017-07-04 at 1:15 AM UTCthink about what will result from bankruptcy.
-increased taxes for the proles. they even have a pretty word for it: 'austerity'
-decreased services for the proles. such as public services cuts, pensign plans wiped out...
now think about who caused the bankruptcy, how their actions caused it, and what the consequences to them are going to be.
theres your answer. -
2017-07-04 at 1:19 AM UTCPeople are just not ready to face the horrors of being completely on their own, with no food, no money, no shelter and no support from the government.
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2017-07-04 at 1:28 AM UTCI don't speak hillbilly. I can sorta speak nigga though,
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2017-07-04 at 1:42 AM UTCThe last time a state declared bankruptcy was Arkansas, during the Great Depression.
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2017-07-04 at 1:47 AM UTC
Originally posted by -SpectraL People are just not ready to face the horrors of being completely on their own, with no food, no money, no shelter and no support from the government.
those arent people...those are the sheep that should be fed to the wolves. they dont deserve to contribute their failed DNA to the human gene pool. -
2017-07-04 at 1:55 AM UTC
Originally posted by infinityshock those arent people…those are the sheep that should be fed to the wolves. they dont deserve to contribute their failed DNA to the human gene pool.
That's why the Great Tribulation and Armageddon are coming. Billions will die, just because they have made themselves worthless. -
2017-07-04 at 3:16 AM UTC
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2017-07-04 at 3:17 AM UTC
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2017-07-04 at 3:25 AM UTC
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2017-07-04 at 3:32 AM UTC
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2017-07-04 at 3:34 AM UTC
Originally posted by -SpectraL You have no idea what actual implications it may have, since there has never been a state declared bankrupt since the '20's
That's because according to the 10th amendment they *can't* go bankrupt.
You also clearly do not understand what bankruptcy means. It doesn't mean, "Oh, we're just going to destroy all the structure we have!" Food stamps, which are paid 100% by the federal government, would continue. There is literally no reason to stop it. You just really like opening your mouth when you have no idea what you're talking about.
Do you honestly think they wouldn't get bailed out anyway? Get fucking real. And Illinois isn't even close to being bankrupt. Take a look at states like Mississippi and Arkansas first.
Do you believe everything you see in the news Spectral? -
2017-07-04 at 3:35 AM UTC
Originally posted by Nil Maybe what spec is getting at is that this could speak to greater issues, canary in a coalmine type shit, dominoes.
I don't know much about this tho, maybe it's significant? what does it all mean man?
They literally cannot go bankrupt. It's a non-issue. If the state is in debt, it's in debt. -
2017-07-04 at 3:43 AM UTC"We are probably approaching that point of impaired ability to function at basic level,” said John Humphrey, the Chicago-based head of credit research for Gurtin Municipal Bond Management, which oversees about $10.1 billion of state and local debt and has steered clear of Illinois. “We’ve already probably passed that point. We haven’t seen this in a modern state before.”
The self-inflicted crisis has left the fifth most-populous state with a record $14.5 billion of unpaid bills, ravaged entities like universities and social service providers that rely on state aid and undermined Illinois’s standing in the bond market. Unless a surprise deal emerged before midnight, it’s increasingly likely that Illinois enters its third fiscal year on July 1 without a budget.
The impasse is decimating social services agencies that help the most vulnerable citizens, including school children, the elderly and the mentally ill, according to a coalition of groups including the Civic Federation, which tracks the state’s finances.
“Forty-nine other states would never try this experiment,” Laurence Msall, president of the Civic Federation, said in a press conference last week. “Only Illinois, which has seen its credit rating crumble, which has seen its social service infrastructure weaken, which has seen its higher education punched into the stomach in terms of what its future looks like, would try this experiment. It’s not working.
https://www.bloomberg.com/news/articles/2017-05-31/illinois-budget-crisis-is-about-to-get-even-harder-to-resolve
