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2017-10-11 Home Front: Politix

The financial collapse of Illinois is accelerating

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Posted by Fred 2017-10-11 00:00|| || Front Page|| [11129 views ] Top

#1 Welcome to the knee of the great decline curve. From here on up, it’s downhill all the way.

Posted by Alaska Paul 2017-10-11 00:16|| 2017-10-11 00:16|| Front Page Top

#2 $16.5 billion is a huge number for accounts payable. Titzup in six months.

Posted by Raj 2017-10-11 00:28|| 2017-10-11 00:28|| Front Page Top

#3 What are 50 year old pensioners living in AZ and FL going to do when their checks start bouncing? It takes years to get on SS disability

Posted by Airandee 2017-10-11 06:41|| 2017-10-11 06:41|| Front Page Top

#4 That which cannot continue, won't.

Posted by no mo uro 2017-10-11 06:47|| 2017-10-11 06:47|| Front Page Top

#5 It's a good thing, as long as there is no bailout.

Hopefully some of those responsible get mired in lawsuits.

Posted by phil_b 2017-10-11 06:57|| 2017-10-11 06:57|| Front Page Top

#6 #3 they'll be the Guinea pigs for the millennials who can expect no pensions as the magic money tree will have withered and died by their time. See what works best for a model of sustainment. Moving back to large family units with the elders looking after the new brood while the rest work has historical basis. Of course being indentured for life to get a degree in some studies program is unlikely to provide a viable income stream for that sort of generational structure.

Posted by Procopius2k 2017-10-11 08:03|| 2017-10-11 08:03|| Front Page Top

#7 I blame unreasonably low taxes, runaway industry and manufacturing. Something must be done.

Posted by Besoeker 2017-10-11 09:47|| 2017-10-11 09:47|| Front Page Top

#8 About half the states are in the same boat and you can expect to see this happen to them if they can't fix things in a decade or so. After that... maybe even Uncle Sam.

Most western governments are so in debt and their populations are collapsing. I don't see much hope for them.

Posted by DarthVader 2017-10-11 10:00|| 2017-10-11 10:00|| Front Page Top

#9 Financial health of other States. Pensions and unfunded liabilities continue to be a financial challenge for states underwater. Perhaps having State Legislatures meet only one day or week per year would help (sarc). Draining the Washington swamp would also help.

Posted by JohnQC 2017-10-11 10:43|| 2017-10-11 10:43|| Front Page Top

#10 I believe I noted this sometime last year. Many of the major construction companies quit doing work directly for the state in early 2016 since they weren't getting paid.

Road builders were told by Illinois DOT to 'stop work' July 1st this year. There are still maintenance contracts being issued, but no major upgrades in that sector.

The only companies still doing anything close to major projects seem to be the 'connected' ones.

Posted by Mullah Richard OTR 2017-10-11 10:50|| 2017-10-11 10:50|| Front Page Top

#11 Perhaps having State Legislatures meet only one day or week per year would help (sarc).

I don't think you need the sarc tag there. It might not ever happen but it's a great idea.

Posted by Abu Uluque 2017-10-11 11:11|| 2017-10-11 11:11|| Front Page Top

#12 re: #10. Major projects are usually funded by FHWA with grants administered thru the State DOT, so there shouldn't be a non-payment to a contractor unless the DOT is squirreling away the Fed $ unlawfully to cover State costs. Now on State-funded projects...all bets are off

Posted by Frank G 2017-10-11 12:13|| 2017-10-11 12:13|| Front Page Top

#13 #7 I blame unreasonably low taxes, runaway industry and manufacturing. Something must be done.
Posted by: Besoeker 2017-10-11 09:47

Make it up on volume?

Posted by Vast Right Wing Conspiracy 2017-10-11 14:52|| 2017-10-11 14:52|| Front Page Top

#14 unless the DOT is squirreling away the Fed $ unlawfully to cover State costs

You are absolutely correct about how the FHWA funds are supposed to be administered, Frank. Unfortunately this is Illinois. The squirreling seems to be at play (you know, for 'Administrative Fee' costs and whatnot), so folks aren't being paid in what constitutes a timely manner.

Posted by Mullah Richard OTR 2017-10-11 15:56|| 2017-10-11 15:56|| Front Page Top

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