{"id":24423,"date":"2017-06-26T07:11:41","date_gmt":"2017-06-26T11:11:41","guid":{"rendered":"http:\/\/angry.net\/blog2\/?p=24423"},"modified":"2021-06-06T12:11:06","modified_gmt":"2021-06-06T16:11:06","slug":"illinois-to-be-the-next-puerto-rico","status":"publish","type":"post","link":"https:\/\/angry.net\/blog2\/?p=24423","title":{"rendered":"Illinois to be the next Puerto Rico?"},"content":{"rendered":"

Good day all. If you want to see what the results of decades of corrupt Democrat rule will do to a state, look no further than Illinois. The state is basically bankrupt and has been for years. Now the bills are coming due.<\/p>\n

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It\u2019s gotten so bad in Illinois that the lottery may have to stop operating. They can\u2019t pay out to any winners. Here are some of the details from Fox News<\/a>:<\/p>\n

Illinois is grappling with a full-fledged financial crisis and not even the lottery is safe \u2013 with Republican Gov. Bruce Rauner warning the state is entering “banana republic” territory.<\/b><\/p>\n

Oh they long ago entered Banana Republic, but they couldn\u2019t afford to stay so now they\u2019ve moved into Greece.<\/p>\n

Facing billions in unpaid bills and pension obligations, the state is hitting a cash crunch that is rare even by Illinois standards. <\/b><\/p>\n

Just how bad has it gotten?<\/p>\n

A top financial official just warned 100 percent of the state’s monthly revenue will be eaten up by court-ordered payments. Rauner is calling a special session of the Democrat-led General Assembly in a bid to pass what he hopes will be the first full budget package in almost three years.<\/strong><\/p>\n

Apparently, these court ordered payments have something to do with Medicaid. According to Business Insider<\/a>:<\/p>\n

Cash-strapped Illinois, with the worst state credit rating in U.S. history, faces more potential financial pressures next week when a federal judge rules whether the government must accelerate $300 million in monthly Medicaid-related payments. <\/b><\/p>\n

Being forced to make those payments sooner could weaken the state’s ability to meet its obligations to pay investors who have bought its debt both before and during political gridlock that has left it without a proper budget for the past two fiscal years. <\/b><\/p>\n

Gotta love the Progressive Liberal Democrats. It\u2019s cute how mathematically challenged they are. They\u2019re expecting the new crop of money trees to ripen any time now.<\/p>\n

Since it doesn’t have a budget, Illinois operates in part under a system of state and federal court-ordered consent decrees that take spending discretion away from the state. This raises concerns that debt service on the state’s bonds may get squeezed by additional court-ordered payments. <\/b><\/p>\n

And I think we may just soon see the point where the legislative and administrative branches tell the courts to shove their decrees where the sun doesn\u2019t shine. Can we say \u201cConstitutional Crisis?\u201d Sure we can! Meanwhile, what is going on with the Lottery?<\/p>\n

Illinois will \u2013 literally \u2013 lose the lottery if the budget fails. <\/b><\/p>\n

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The state lotto requires a payment from the legislature each year. The current appropriation expires June 30, meaning no authority to pay prizes. In anticipation of a budget deadlock, the state already is planning to halt Powerball and Mega Millions sales.<\/b><\/p>\n

\u201cIt is disappointing that the legislature\u2019s inability to pass a budget has led to this development and will result in Illinois lottery players being denied the opportunity to play these popular games,\u201d Illinois Lottery Acting Director Greg Smith told Fox News. <\/b><\/p>\n

Oh that will go over well with the residents of Illinois. Of course, this mess didn\u2019t happen overnight. It took decades of out of control spending, taxing and regulations to drive the state right into the financial toilet.<\/p>\n

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The problems are years in the making, caused in large in part by the state\u2019s poorly funded pension system\u2014 which led Moody\u2019s Investors Services to downgrade the credit rating to the lowest of any state. The state currently has $130 billion in unfunded pension obligations, and a backlog of unpaid bills worth $13 billion. <\/b><\/p>\n

Which means, to the average person, Illinois is broke. Busted. Bankrupt. The credit cards are maxed out. Vendors aren\u2019t getting paid and now are beginning to fail. Others are ending their contracts with the state since they have no interest in working for free.<\/p>\n

Reports have suggested the state<\/a> could be the first to attempt to declare Chapter 9 bankruptcy — but under the law, that\u2019s impossible unless Congress gets involved. <\/b><\/p>\n

Fat chance of that happening.<\/p>\n

\u201cNobody here in Illinois is considering bankruptcy\u2014first of all, it\u2019s not allowed,\u201d said Steve Brown, press secretary for Illinois House Speaker Michael Madigan. \u201cSecond of all, it would damage the reputation of the state and it\u2019s just not necessary.\u201d <\/b><\/p>\n