For John, BLUF: It isn't so much Illinois, but who is right behind them in line. Nothing to see here; just move along.
This is from The Chicago Tribune and Contact Reporter John Kass. It is reaction to reports of the impending bankruptcy of the State of Illinois (sort of like Puerto Rico and Venezuela—althoughPuerto Rico is a US Problem).
Reporter Kass' solution:
Let the other states have Illinois, John Kass proposes.Here is the lede plus three:
Illinois is like Venezuela now, a fiscally broken state that has lost its will to live, although for the moment, we still have enough toilet paper.Here is the plan
But before we run out of the essentials, let's finally admit that after decade upon decade of taxing and spending and borrowing, Illinois has finally run out of other people's money.
Those "other people" include taxpayers who've abandoned the state. And now Illinois faces doomsday.
So as the politicians meet in Springfield this week for another round of posturing and gesturing and blaming, we need a plan.
My Daughter assures me that the State Retirement fund is sound. I have small nagging doubts.
At any rate, as Mr Kass (and Maggie Thatcher) said, you soon run out of other People's money.
Hat tip to the Srudge Report.
Regards — Cliff