The state of Illinois is bankrupt. Oh, they can’t file for bankruptcy, but they can’t pay their bills, either. Democratic politicians there – I think that’s all there are in Illinois – don’t want to cut benefits or raise taxes. What do they think this is – Greece, Spain, Portugal and the European Union?
According to Crain’s Chicago Business Report:
“Unfunded liabilities and pension debt are projected to reach $95 billion by June 30. The state must contribute $5.4 billion to the pension funds next year, and more than $10 billion a year in the future. Required contributions will soon start increasing dramatically because the state has repeatedly pushed back a payment schedule enacted in 1995 to set aside enough to cover 90 percent of its pension obligations by 2045, up from 43 percent today, one of the worst unfunded liabilities in the nation.”
On some days, the state has less than $1 million cash on hand to pay its debts.
Now, it’s easy to sit here and say, “Well, that’s what happens when you elect Democrats – especially Democrats as corrupt and incompetent as the ones running Illinois since Noah and the Great Flood.” Those in more fiscally responsible states might even note a bit of a self-righteousness wafting its way about the room, while they contemplate such comeuppance.
Enjoy it while it lasts, which won’t be long. Come on, you’re an American. You know that nobody in this country can be held responsible for poor, incompetent or corrupt decisions! If you have kids without the ability to pay for their upbringing and education, the nanny state will be their provider.
If they don’t take advantage of “free” public education, then when the children grow up we will take care of them with more welfare or prison (if they’re boys). After all, there’s always more money when you squeeze the public teat hard enough! (Note to Nancy Pelosi: I thought Jesus only advocated private charity, because that was good for the soul. See the Ten Commandments regarding theft.)
So if you have poor, incompetent or corrupt Democratic politicians hiring state workers to run their re-election efforts, paying them from state coffers and promising them fat state pensions if you are re-elected, you know the nanny state will become their sugar daddy.
But guess what? The incompetence and corruption for which Illinois is so famous now has its tentacles in the White House. After all, didn’t Illinois send its “best and brightest” to Washington, D.C.? And didn’t he assemble a cadre of his corrupt, career cronies to help him rape and pillage the whole of America for the benefit of his friends and the Chicago machine?
Of course he did! So here’s a prediction. For his next miracle, after calming the water and walking on the oil in the Gulf while planting windmill seeds, Illinois’ anointed one will find a way to cover the pensions of state workers in distressed states (that will be almost all of them, soon) under federal guarantees. For which you will pay. And pay. And pay.
This will, of course, cause the public-employee unions to resume kissing the appropriate cheeks of the anointed one, come this fall’s elections. And you thought what happened in Chicago, stayed in Chicago!