But we always have Chicago!
Can We close Illinois, end the Financial misery?
IllINOIS: Land of Lincoln
Illinois in financial crisis:
- Illinois has worst credit rating of fifty states
- Budget Crisis: Debt Exceeds $267B, or $56k per household, IL in debt for rest of 21st Century
- Moody's downgrade of IL debt to Baa3, one grade above "junk bond," IL will face major hurdles in bond market borrowing
- IL losing people, Net Loss of 1.4M in 20 years, may lose House seat after 2020 census, And Loss of $45B in Consumer Buying power since 1992
- IL #1 in high costs to employers for Workers Comp in region, #8 Nationally
- IL govt. employees highest paid in US, ave. $1.6M in Pension payouts
- Illinois Leads Nation in Taxing Agencies, with 7000
- IL ranks in top six states for Highest Property taxes in US
Illinois has one path forward: Bankruptcy!
Here's what Politicians willing to lead could do:
- Re-Write IL Constitution, reduce Benefits for future workers
- Negotiate with Unions to reduce overall costs
- Move debt back to school districts and other sources of problem, require local solutions
- Spread the debt out over decades
- Develop legislation path to Bankruptcy
- Lay off state employees, rehire with 401k plans, end fixed benefit plans
- Consolidate County,local municipal govt services, save $
Illinois: Poster Child for Political Corruption