Authored by Mike Shedlock via MishTalk.com,
Yesterday, in response to alleged “progress” on Obamacare I penned Mish’s Rule of Progress.
Today, I am pleased to announce even more amazing budget progress in the state of Illinois.
First, let’s recap progress at the national level.
As if Illinois didn't have enough to worry about between an imminent downgrade to junk (as soon as July 1), soaring debt costs, insolvent pension funds, and roads that may soon resemble the lunar surface, today in the latest insult to a relentless series of injuries, the lottery itself, including the popular Powerball and Mega Millions, is set to dump Illinois because the state literally can't afford to payout winners.
One week ago, Illinois state comptroller, Susana Mendoza, gave a detailed explanation in her letter to Gov. Rauner and members of the state legislature - two parties that have been locked in a nearly three year long confrontation, preventing them from agreeing on a state budget - explaining why Illinois was on the verge of total collapse.
Authored by Patrick Buchanan via Buchanan.org,
If Gov. Bruce Rauner and his legislature in Springfield do not put a budget together by Friday, the Land of Lincoln will be the first state in the Union to see its debt plunge into junk-bond status.
Illinois has $14.5 billion in overdue bills, $130 billion in unfunded pension obligations, and no budget. “We can’t manage our money,” says Rauner. “We’re like a banana republic.”
Authored by Daniel Lang via SHTFplan.com,
Illinois is the perfect example of what happens when your state is run by fiscally irresponsible dunces for decades.