Wednesday, June 28, 2017

A Glimpse Into the Democratic Wonderland -- the State of Illinois

Currently, the state of Illinois has $ 14.6 billion in unpaid bills.  That's right.  You read it right!  Illinois is currently not paying its bills and the shortfall is staggering.  The state is grinding to a halt. 

Soon to be followed by other states: New Jersey, California, and, yes, New York.  This outcome is not a "likely" outcome, it is an "inevitable" outcome.  It is just a matter of simple arithmetic.

Massive wealth transfers and an increasing non-competitive regulatory environment lead to economic stagnation and financial collapse.  Greece and, down a short road, Spain, Italy and France are on that road.  But, the US is a player in the game as well.  Detroit was the opening bell.  Now comes the state of Illinois (and the city of Chicago).

None of this should be a surprise.  It's been in the numbers and predicted by rational observers for decades.  At the national level, social security and medicare are on the same road. These programs have no hope -- none -- of providing today's young workers anything at all.  Yet, Democratic politicians are still singing the praises of these soon-to-be-bankrupt programs.  You can't make this stuff up.  This is the real world.

Promises unpaid for.  That's the game.  Detroit, now Illinois, are the inevitable outcome.

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