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MadMac posted an update in the group
Public Discussion 7 years, 4 months ago Illinois Insolvency Watch
Moody’s has downgraded Illinois because of its declining population and therefore its ability to deal with pension and bonded debt.
“Tepid growth trends “will complicate efforts to enact a balanced budget and keep up with mounting pension funding pressures,” Moody’s Investors Service (MCO) wrote in a commentary included in its weekly outlook piece.
Illinois bucked the national trend which from 2013 to 2016 saw an increase of 2.2%. In contrast, Illinois shrank by 0.6% as thousands of residents departed for other states, Moody’s (MCO) said. Illinois was one of only four states that recorded an annual population loss from 2014 through 2016, according to U.S. Census Bureau data released late last month.”The Illinois crisis is even deeper because home values in the state have declined, 20% of homes are underwater in their mortgages, with the middle class moving out there aren’t enough buyers for homes.
“The press remains complicit by missing the full scope of the crisis. Major stories are ignored. For example, a recent RealtyTrac study found a stunning 500,000 Illinois homes — nearly 20% of houses in the state — with seriously underwater mortgages.”The Democrat media will not notice until “unexpectedly” Illinois is insolvent, and it major cities filing bankruptcy. When. Not if.
Via Instapundit.
Illinois perfectly portrays the Progressive progression:
1) Promise groups of people entitlements or goodies using altruistic arguments in order to solidify their continued votes and to defuse significant opposition.
2) When cracks of unsustainability begin to appear, find a Republican, a corporation, or some despised group to blame. Fashion a band-aid remedy to fix the problem and punish the supposed perpetrators while still maintaining the support of the benefitting group. To ensure broad support, vilify the supposed perps use class-warfare type arguments.
3) When Armageddon does arrive, accept no responsibility (it was the folks in power before us that did it) and play dumb (I didn’t know we were insolvent until I read it in the papers like everyone else!). Then using resources available circle the wagons and form a shield to protect the leaders as they attempt to weather the storm or wait for the calvary to arrive. This is what the Castro Boys have done in Cuba a number of times. This is what is going on in my former home of Venezuela. Meanwhile, the people suffer.