It’s Time to
Turn the Lights off in Illinois, by Martin Armstrong, 8/31/16
The roads in
Illinois are in decay. This may be the first state to go bankrupt. The question
is not if, but when. State unions are so greedy that they are destroying the
very state. This is exactly how Rome fell — government employees against the
people.
Seven states
have constitutional provisions that state employee pensions must come BEFORE everything, including debt
payments. Since the legislature in New Jersey was Democrat, they fought
Governor Christie on pension reform. Their solution? On the ballot in November,
there will be a provision to amend the state Constitution to put employee
pensions before everything else. The people are generally kept ignorant of what
that means to property taxes and the future of the state. Therefore, the
average person will say, “Sure, I should get my pension, so they should also.”
Illinois should
declare bankruptcy. It is simply inevitable. There is absolutely no hope for
Illinois whatsoever. Every year they will have to pay more and more. If the
state who manages the pension money loses, well, the taxpayers have to cover
those losses as well. The governor tried to stop the downgrade of expectations
for earnings in the pension fund from 7.5% to
7%, which means
they have to raise taxes and/or cut service by almost a half-billion.
It’s time to
just turnout the lights in Illinois. Welcome to the Sovereign Debt Crisis. This
is the contagion you will finally start to hear about, but only after the
elections. Why spoil the party?
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