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Sunday, January 24, 2010

The State of Illinois on the Verge of Bankruptcy

That's the sad state of affairs in the state.

Illinois’ finances are in dire straights.

Some fear the state is a hair’s breath from (gasp!) bankruptcy.

"We would like all the stakeholders of Illinois to recognize how close the state is to bankruptcy or insolvency," Laurence Msall, president of the Civic Federation, a fiscal
watchdog in Chicago told Crain’s Chicago Business.

Bankruptcy is defined as an inability to pay debts out of current assets, and it’s no secret that Illinois can’t pay its bills. The latest count puts Illinois’ unpaid bills at
around $5 billion – a contentious fact among the state’s gubernatorial hopefuls.

This has occurred from decades of corruption as well as funny accounting. The state of Illinois, like most states, mandates a balanced budget. Through a series of budget tricks the legislature has run a deficit through a series of budget tricks.


Anonymous said...

I am really tired of this government making us pay and pay and pay. what have they done with our monies and why don't they work for 10 bucks an hour like half of us have to. just giving up some of their monies would help. The state of Illinois is really becoming a disgusting place to live. Nothing but corruption.

Anonymous said...

You are 200% right they should get pay like us so they loook how we survive on 10 bucks or less x hr.iI wish all the govermant emploees make 10 buck x hr:-)

Kurtis said...

Golly GEE !!! I wonder if they will raise taxes on Booze and cigs again. That sure would be a shocker LOOOOL !!!!!