How Bad Is It?
Illinois Stops Paying Its Bills, but Can’t Stop Digging Hole
"For the last few years, California stood more or less unchallenged as a symbol of the fiscal collapse of states during the recession. Now Illinois has shouldered to the fore, as its dysfunctional political class refuses to pay the state’s bills and refuses to take the painful steps — cuts and tax increases — to close a deficit of at least $12 billion, equal to nearly half the state’s budget.
Then there is the spectacularly mismanaged pension system, which is at least 50 percent underfunded and, analysts warn, could push Illinois into insolvency if the economy fails to pick up."
46 States Facing Greek-Like Budget Crisis
A Market Forecast That Says ‘Take Cover’
"If Robert Prechter is right, one market analyst said, “we’ve basically got to go to the mountains with a gun and some soup cans.”Mr. Prechter is convinced that we have entered a market decline of staggering proportions — perhaps the biggest of the last 300 years."
"For the last few years, California stood more or less unchallenged as a symbol of the fiscal collapse of states during the recession. Now Illinois has shouldered to the fore, as its dysfunctional political class refuses to pay the state’s bills and refuses to take the painful steps — cuts and tax increases — to close a deficit of at least $12 billion, equal to nearly half the state’s budget.
Then there is the spectacularly mismanaged pension system, which is at least 50 percent underfunded and, analysts warn, could push Illinois into insolvency if the economy fails to pick up."
46 States Facing Greek-Like Budget Crisis
A Market Forecast That Says ‘Take Cover’
"If Robert Prechter is right, one market analyst said, “we’ve basically got to go to the mountains with a gun and some soup cans.”Mr. Prechter is convinced that we have entered a market decline of staggering proportions — perhaps the biggest of the last 300 years."
posted by nolocontendere at 3:41 PM
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