Authored by Mark Glennon via WirePoints.com,
All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident. -Arthur Schopenhauer.
For Illinois or another state to formally go bankrupt, the United States Congress would have to pass legislation.
Would they? I think so.
The monetary problems plaguing the state of Illinois (not to mention its public pensions) have been widely documented here over the past few years, and today the rating agencies finally noticed, when in the span of a few hours, first S&P, then Moody's downgraded Illinois to BB+/Baa3, respectively, both just one notch above junk, the lowest rating ever given to a U.S. state, as both agencies cited a long-running political stalemate over a budget shows no signs of ending.
Authored by Mike Shedlock via MishTalk.com,
Illinoisans continue their exodus, with Chicago having the dubious distinction of the highest population loss in the nation.
High taxes are the number one reason people and businesses leave the state.
What follows is a guest post by Michael Lucci, Vice President of Policy, Illinois Policy Institute.
CHICAGO ONLY MAJOR U.S. CITY TO LOSE POPULATION FROM 2015 TO 2016
Submitted by Michael Lucci via IllinoisPolicy.org,
New Bureau of Labor Statistics data show Illinois’ black residents have an unemployment rate of 12.7 percent, more than double the state’s overall rate.
Senate Democrats in Illinois, with a final vote of 32-26, have just passed a new budget proposal that includes a massive personal and corporate income tax hike and an expansion of the state's sales tax, after saying they are no longer willing to wait for a broader deal with Republicans.